On August 31, 2018, Thailand’s Office of Insurance Commission (OIC) implemented a notification replacing the Notification of the OIC Re: Rules, Procedures, and Conditions on Reinsurance of Life and Non-life Insurance Companies B.E. 2555 (2012). Tilleke & Gibbins reported the changes when the new article was in draft form, and they have passed into law unchanged. For a breakdown of the new provisions, which came into force on September 1, 2018, please click here.
Non-Life Insurance Disclosure Requirements
On the same day, the OIC issued a notification on the criteria, procedures, and conditions for disclosure of information by non-life insurance companies. The notification will take effect on October 1, 2018.
The notification requires insurers to make the following information available on their website (and through other channels if requested by the OIC) to the extent that doing so does not affect that company’s ability to compete in the market:
The company must certify the accuracy of its disclosed information, which must be clear, precise, current, and reliable. The information should illustrate the trends of the business operation, and enable comparability between insurance companies. The company must update general information annually. Material changes to the information must be updated within 30 days of the material change itself.
The form, conditions, and period for disclosure will be further prescribed by the Registrar.
For more information on the practical effect of these requirements, and on how to ensure that your company is compliant, please contact Athistha (Nop) Chitranukroh on [email protected] or +66 2056 5600.