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

May 3, 2011

Thailand Legal Basics: Insurance

Subscribe to Updates
Tilleke & Gibbins

Thailand has had insurance companies for over half a century, and the industry is regarded as competent and well regulated. The insurance industry was supervised and regulated by the Ministry of Commerce through the Casualty Insurance Act B.E. 2535 (A.D. 1992) and Life Insurance Act B.E. 2535 (A.D. 1992) until the recent amendments imposed by the Casualty Insurance Act (No. 2) B.E. 2551 (A.D. 2008) and Life Insurance Act (No. 2) B.E. 2551 (A.D. 2008), which transferred the supervisory and regulatory role of the Ministry of Commerce to the Ministry of Finance. These Acts permit foreign life and loss insurance companies to operate branch offices in Thailand, subject to certain conditions. Compulsory insurance in Thailand is minimal. However, compulsory third-party motor insurance was introduced through the Motor Accident Victims Protection Act B.E. 2535 (A.D. 1992). The Office of Insurance Commission, an independent government organization, was established in 2007 by the enactment of the Insurance Commission Act B.E. 2550 (A.D. 2007) to take over the responsibility of day-to-day administration from the Department of Insurance, Ministry of Commerce.

Download Full Article
Related Professionals

Industries

Insurance

Location

RELATED INSIGHTS​ 

September 10, 2019
On June 14, 2019, the National Assembly of Vietnam passed Law No. 42/2019/QH14 amending the Law on Insurance Business and the Law on Intellectual Property, which will come into effect on November 1, 2019, except for certain provisions amending the Law on Intellectual Property.
Read More
August 26, 2019
On August 13, 2019, Thailand’s Office of Insurance Commission (OIC) held a meeting to clarify its regulatory plan, which focuses on amendments to the approval process for insurance products and standard health insurance contracts. The amendments are expected to be implemented within this year.Amendments to the Approval Process for Insurance ProductsThe OIC plans to introduce a new approval system for insurance products. The amendments will reduce the timeline for approvals for insurance products as follows:
Read More
May 28, 2019
Amendments to the Non-life Insurance Act B.E. 2535 (1992) and Life Insurance Act B.E. 2535 (1992) were published in the Government Gazette  on May 25, 2019. They will come into force 180 days after publication—i.e. November 21, 2019. These amendments are the first in a series of updates that the Office of Insurance Commission (OIC) intends to introduce to modernize and improve Thailand’s insurance laws.The amendments mainly focus on insurance intermediaries, i.e., agents and brokers. The key changes introduced by the amendments are as follows:
Read More