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

December 6, 2024

Thailand Mandates Timeframe Disclosure in Insurance SLAs

Subscribe to Updates

Thailand’s Office of Insurance Commission (OIC) recently announced two Notifications regarding Timeframe Standards for Service Level Agreements, for both life and non-life insurance companies.

Under these notifications, every insurance company is required to set out clear and specific timeframes in its service level agreement (SLA) for at least the following activities:

  • Providing information about life and non-life insurance and offering insurance policies;
  • Underwriting and providing after-sales services;
  • Paying compensation under the insurance policy; and
  • Handling complaints.

The timeframes described in the SLA must not exceed those specified in the insurance policy or by the relevant laws, and the SLA (which must be published on the insurer’s website) must be continually updated to reflect any changes in the timeframes.

Insurance companies are required to disclose the standard timeframes for SLAs on their website by January 1, 2025, and notify the OIC through the channels and methods specified by the OIC.

For more details on the OIC’s notifications on SLA timeframe standards, or on any aspect of insurance regulations in Thailand, please contact Athistha (Nop) Chitranukroh at [email protected], Witchupong Chittchang at [email protected], Ajaree Trachukul at [email protected], Thammapas Chanpanich at [email protected], or Sireethorn Wijan at [email protected].

Related Professionals

Industries

Insurance

Location

RELATED INSIGHTS​ 

May 25, 2020
The newly amended Law on Insurance was published in the Electronic Official Gazette on March 30, 2020, and has been in effect since April 15. Existing insurers are allowed three years to comply with the new requirements, as provided in the amended law. As for insurance and reinsurance companies not yet established in Laos, new insurance business licenses remain suspended under a 2016 notification.
Read More
May 19, 2020
On May 12, 2020, Myanmar’s Insurance Business Regulatory Board (IBRB) issued Directive 4/2020—a game-changer for the insurance industry in Myanmar. Previously, reinsurance in Myanmar had only been available through the state-owned Myanma Insurance, without competition. However, when this directive comes into force on October 1, 2020, insurance companies (or cedants) will be able to obtain reinsurance from other insurers or reinsurers within Myanmar or abroad, with certain restrictions.
Read More
May 5, 2020
The Global Attorney-Client Privilege Guide, published by Lex Mundi, provides information on what constitutes attorney-client privilege in over 65 jurisdictions around the world. The Thailand chapter of the guide was written by Michael Ramirez, counsel in the dispute resolution group of Tilleke & Gibbins’ Bangkok office.
Read More
April 16, 2020
On April 15, 2020, the Lao Prime Minister’s Office issued Notification No. 481/PMO, which provides further recommendations on the implementation of PM Order No. 06/PM issued on March 29, 2020, including the extension of the earlier lockdown measures imposed in Laos to May 3, 2020, and reiterating that measures to tackle the COVID-19 pandemic should remain in effect until further notice. 
Read More