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June 24, 2025

Practical Law: Insurance and Reinsurance Global Guide 2025 – Thailand

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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.

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October 2, 2024
Thailand’s Office of Insurance Commission (OIC) has issued orders announcing the premium rates for insureds who purchase insurance policies directly from life and non-life insurance companies. The orders, which were issued on September 2, 2024, allow insurance companies to set lower premium rates for insureds who purchase insurance policies directly from them, compared to those approved earlier by the OIC. Under the orders, both life and non-life insurance companies selling insurance policies directly to insureds may set the premium rate below the premium rate earlier approved by the OIC, but the discount may not exceed: 30% of the insurance premium for all types of insurance policies; and 35% of the insurance premium for insurance policies that utilize innovation or are sold through electronic channels. Here, “insurance policies that utilize innovation” means insurance policies that are currently being tested or have successfully met the objectives of the Insurance Regulatory Sandbox or the Product Innovation and Tailor-Made Sandbox, as approved by the OIC. The insurance companies may set the above two premium rates under the following conditions: The insurance contract must be entered into between September 1, 2024, and November 15, 2024; and The coverage start date of the insurance policy must not be later than December 31, 2024. For more details on the OIC’s orders regarding premium rates for insureds who purchase insurance policies directly from life and non-life insurance companies, or on any issue concerning insurance regulations in Thailand, please contact Athistha (Nop) Chitranukroh at [email protected], Witchupong Chittchang at [email protected], Ajaree Trachukul at [email protected], or Sireethorn Wijan at [email protected].
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July 23, 2024
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