May 1, 2015
To promote and develop Thailand’s growing insurance industry and prepare for greater market activity under the Asean Economic Community, the government recently amended the laws governing the country’s life and non-life insurance industries for the third time. Formally known as the Life Insurance Act No. 3 of 2015 and the Non-Life Insurance Act No. 3 of 2015, the amendments took effect on March 6, seven years after the previous amendments were made. The changes can be divided into three main parts as follows: