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Office of Insurance Commission

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Title: Office of Insurance Commission  
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Subject: Royal Thai Armed Forces, Economy of Thailand
Collection: Economy of Thailand, Government Agencies of Thailand, Independent Administrative Organizations of Thailand
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Office of Insurance Commission

The Office of Insurance Commission (OIC) is the regulator of Thailand’s insurance industry has been regulated by the (OIC) which operates under the supervision of the Thai Ministry of Finance.[1] The OIC is empowered to regulate insurance companies, brokers and agents and was established under the Thailand Government Insurance Commission Act B.E. 2550 which summarized the role of the Commission ‘to supervise and promote insurance business conduct’.[2] Prior to this insurance regulation occurred within the Department of Insurance, part of the Thai Ministry of Commerce.[3]

The OIC is responsible for the issue of operating licenses for insurance companies and operational adherence to regulations through market supervision.

Ensuring insurers adhere to capital adequacy requirements is an important aspect of the ongoing market supervision role of the OIC. Thailand implemented Risk Based Capital (RBC) framework from 2011 aligning the Thai insurance industry to many other Asian economies including Japan (since 1997), Indonesia (since 2000), Taiwan (since 2002), Singapore (since 2004), Malaysia (since 2009), South Korea, The Philippines and Thailand (since 2011).[4] From 1 January 2013 life insurers and reinsurers were required to maintain a minimum level of capital of THB500 million and general insurers/reinsurers THB300 million with a minimum solvency margin of 140 percent.[5]

References

  1. ^ Bank of Thailand website
  2. ^ Office of Insurance Commission website
  3. ^ Office of Insurance Commission website
  4. ^ Sukpaiboonwat, Piputsitee & Punyasavatsut1 2014 Thailand Insurance Regulation: Highlights & Time to Go Ahead, Asian Social Science; Vol. 10, No. 6
  5. ^ Norton Rose Group Insurance Regulation in Thailand

External links

  • Office of Insurance Commission
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