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

April 13, 2020

Thailand’s OIC Issues Regulations on Digital Face-to-Face Measures During the COVID-19 Pandemic

Subscribe to Updates

The Office of Insurance Commission (OIC) has issued two notifications, dated April 7, 2020, regarding the method of offering for sale and issuing of insurance policies, and the conduct of agents, brokers, and banks, as part of the OIC and the Ministry of Finance’s relief measures during the COVID-19 pandemic. The measures are temporary and are intended to address the disruption caused by the necessary suspension of face-to-face distribution channels, to avoid physical contact, and to promote social distancing.

Key provisions include:

  • Face-to-face and bancassurance channels can now be carried out digitally (e.g. by voice, video, and images). This excludes distribution of unit-linked insurance products and other specific complicated life products that could be subject to SEC regulations and requirements.
  • Offerings for sale through digital channels must be recorded. The wording and rating of products that can be offered must have already been approved by the OIC.
  • When a prospective customer wishes to buy, information must be recorded by the agent, broker, or bank, and further submitted to the customer via electronic means, (e.g. application, email, SMS, etc.) for verification and confirmation. When the premium is paid, the receipt must be immediately issued to the customer electronically.
  • If agreed by the customer in advance, policies can be sent via email. The free look period starts when the policy is duly sent to the customers. The confirmation call must be made within seven days. If the customer would like to cancel, the premium must be refunded to the customers within 30 days of the cancellation date.
  • Insurers must arrange for appropriate systems and sale processes that support offering for sale through digital channels, such as records of communication, quality control, and customer personal data protection.

Compliance with these OIC notifications must be in conjunction with the OIC notifications regarding offerings for sale, issued in 2018.

Related Professionals

Industries

Insurance

Location

RELATED INSIGHTS​ 

April 30, 2011
This open letter from David Lyman to the clients of Tilleke & Gibbins addresses the events that unfolded in April 2009, when political demonstrations—sometimes violent—took place in Bangkok and Pattaya. Although the protests by the so-called Red Shirts attracted a great deal of media attention, life continued without serious disruption in Thailand’s capital.
Read More
April 30, 2011
Within the past two years, Thailand has experienced a number of events that have called into question the country’s political stability. In this article, David Lyman puts these events into historical perspective by looking back on the path that has led to the current situation. This article provides a thorough overview of Thailand’s recent history and explains many of the driving factors underlying the political instability of 2008. The article concludes that there is reason for optimism about Thailand’s future, with progressive development likely to return to the country.
Read More
April 29, 2011
This chapter provides an overview of the legal system and key laws for foreign companies doing business in Thailand. Presented in a question-and-answer format, the chapter examines the rules governing foreign investment, business vehicles, employment, tax, competition, intellectual property, marketing agreements, e-commerce, data protection, and product liability.
Read More
April 28, 2011
This guide provides a detailed overview of doing business in Thailand. Topics covered in the guide include investment, import and export regulations, exchange controls, tax, requirements for establishment of a business, structures for doing business, cessation or termination of a business, labor legislation, and immigration requirements. The guide provides an invaluable primer for investors new to the Thai business investment.
Read More