You are using an outdated browser and your browsing experience will not be optimal. Please update to the latest version of Microsoft Edge, Google Chrome or Mozilla Firefox. Install Microsoft Edge

June 24, 2025

Practical Law: Insurance and Reinsurance Global Guide 2025 – Thailand

Subscribe to Updates

Insurance specialists from Tilleke & Gibbins in Bangkok have contributed the Thailand chapter to the newly released 2025 edition of Thomson Reuters’ Practical Law guide to insurance and reinsurance.

The Thailand chapter offers a comprehensive Q&A-style overview of the legal and regulatory framework governing insurance and reinsurance in the country. It provides key insights for businesses, insurers, reinsurers, and intermediaries operating in or entering the Thai market.

Key topics covered include:

  • Market structure and common types of insurance;
  • Regulatory framework and oversight by the Office of Insurance Commission (OIC);
  • Authorisation requirements for insurers, reinsurers, and intermediaries;
  • Ownership restrictions and foreign investment rules;
  • Corporate governance, capital requirements, and solvency obligations;
  • Reinsurance arrangements, including fronting, risk transfer, and common contractual clauses;
  • Policy content requirements, standard clauses, and consumer protections;
  • Claims procedures, statutory time limits, and subrogation rights;
  • Dispute resolution mechanisms, including OIC arbitration and court proceedings;
  • Insolvency protections for policyholders;
  • Tax treatment of insurance and reinsurance businesses in Thailand;
  • Recent legal developments, including pending amendments to the Life and Non-Life Insurance Acts and updated OIC regulations on reinsurance and investment activities.

The 2025 edition reflects Thailand’s evolving regulatory environment, including proposed legislative reforms to strengthen corporate governance, risk-based capital requirements, and financial stability in the insurance sector. It also highlights practical considerations for foreign insurers, reinsurers, and intermediaries seeking to participate in Thailand’s insurance market.

Tilleke & Gibbins contributes regularly to the Practical Law series of guides for various jurisdictions in Southeast Asia, providing trusted legal insight for multinational companies.

To access the latest Thailand chapter of the insurance and reinsurance guide, please visit the Practical Law website and enroll in the free Practical Law trial to gain full access.

Related Professionals

Industries

Insurance

Location

RELATED INSIGHTS​ 

March 3, 2021
The Office of Insurance Commission (OIC) is seeking public comments on their recently released draft guidelines on Thailand’s insurance regulatory sandbox. Once enacted, the draft notification will replace the existing OIC insurance regulatory sandbox notification, aiming to broaden the OIC’s authority in order to erase difficulties in the project approval process that have arisen under the current notification. One major change included in this draft notification is that business operators are no longer allowed to conduct “own sandbox” testing. Unlike the notification currently in effect, the new draft notification also does not specify the criteria and procedures for a business operator to apply for a temporary allowance of non-compliance with non-material, test-obstructing requirements in a notification or order from the OIC or the registrar. Participants Eligible participants in the insurance regulatory sandbox—which include life and non-life insurance companies, life and non-life brokers, and other types of business operators with expertise in technology—must have appropriate capital, systems, personnel, and experience for the planned provision of service. Participants in the sandbox must establish measures to ensure that insured parties will receive sufficient information in relation to the project, and a remedial plan must be in place in case of damage arising from errors connected to the project. These measures are similar to those in the existing OIC notification, which requires that such measures must at least cover consumer protection, risk management, reporting obligations, and compliance with applicable laws. Project Requirements The draft notification reduces the number of eligible sandbox project types allowed under the existing OIC notification. When the draft notification is enacted, projects that risk regulatory incompliance, and projects that may adversely affect consumers, financial stability, or trust in an insurance company or the industry as a whole, will no longer be allowed to participate in the insurance regulatory sandbox.
Read More
February 23, 2021
As many are already aware, following the change of government in Myanmar on February 1, 2021, a draft Cyber Security Law was proposed which attracted widespread criticism. However, less attention has been paid to significant amendments to two existing laws, some of which have a similar effect to parts of the draft Cyber Security Law. In other words, while the draft Cyber Security Law has not progressed further and is under public scrutiny, significant elements of it have found their way into law in Myanmar by other routes. Because these amendments are already law, it is very important that individuals and businesses in Myanmar understand their implications. Amendments to the Law Protecting the Privacy and Security of Citizens The Law Protecting the Privacy and Security of Citizens (2017), or the “Privacy Law,” was amended on February 13, 2021, less than two weeks after the military government came into power. These amendments chiefly address the power of the government to conduct searches, seizures, and arrests; to extend detention without judicial oversight; and to carry out broad surveillance and investigation activities that could intrude on individual privacy. The amendments accomplish this by suspending various sections of the Privacy Law for as long as the State Administration Council (the military body now governing Myanmar) is in power. The suspended sections include the following: Section 5: Search, seizure, and arrest without civilian observation The relevant part of Section 5 of the Privacy Law states, “The responsible authorities shall … when acting in accordance with existing law, not enter into a person’s residence or a room used as a residence, or a building, compound or building in a compound, for the purpose of search, seizure, or arrest, unless accompanied by minimum of two witnesses who should comprise Ward or Village Tract Administrators…”. The suspension
Read More
February 22, 2021
Following the recent imposition of sanctions on Myanmar individuals and companies by the US, the UK and Canada have now imposed new sanctions. As with the US sanctions, these new measures impact UK and Canadian citizens and companies, and non-UK and non-Canadian companies and citizens with interests in those jurisdictions. The EU has indicated that it is planning to issue similar sanctions in the near future. New UK Sanctions In addition to the 16 individuals already sanctioned by the UK government, on February 18, 2021, the UK government announced that three individuals have been sanctioned for serious human rights violations and are now subject to asset freezes and travel bans. The full list of Myanmar individuals and companies sanctioned by the UK is available on the website of the Office of Financial Sanctions Implementation. Breaches of UK financial sanctions are criminal offences punishable in the UK by up to 7 years imprisonment and heavy fines. New Canadian Sanctions Also on February 18, timed to coincide with the UK sanctions, new Canadian sanctions were imposed on nine individuals. As with the UK, Canada already had a number of individuals in the Myanmar military on its sanctions list, and the new additions bring the total number of individuals sanctioned by Canada to 54. All assets of these individuals in Canada are now frozen, and they are banned from travelling to Canada. Canadian businesses or entities may not do business with any of the 54 individuals. Full details of the impact of the sanctions are available on the Government of Canada’s website, as is a database of the Myanmar individuals and companies subject to them. Breach of Canadian sanctions carries with it up to 5 years’ imprisonment in Canada and/or a large fine. Other Countries The EU is reportedly drawing up sanctions
Read More
February 19, 2021
Insurance specialists from Tilleke & Gibbins’ Bangkok office have provided an update to the Thailand chapter of Thomson Reuters’ Practical Law guide to insurance and reinsurance. The guide is a Q&A-style overview of insurance and reinsurance law in 41 jurisdictions worldwide. The Thailand contribution opens with a detailed overview of the insurance and reinsurance market in Thailand, including information on market trends, the available corporate structures, and relevant regulations. The Q&A is then separated into three main sections: Operating restrictions: licensing, ownership restrictions, ongoing requirements (compliance) and penalties for noncompliance, selling restrictions, and monitoring and disclosure requirements. Insurance and reinsurance policies: establishing an insurance claim, third party insurance claims, time limits, enforcement, remedies, and punitive damage claims. Other business concerns for insurance and reinsurance providers: insolvency, taxation, insurance and reinsurance dispute resolution, and legal reform. Practical Law produces a numbers of guides to key legal practice areas around the world for business lawyers. Tilleke & Gibbins contributes many overviews to these guides for all of the firm’s jurisdictions in Southeast Asia. To read the full Thailand insurance and reinsurance chapter, please visit the Practical Law website.
Read More