Treasury clarifies “Southeast-Thai Insurance” requesting to liquidate the business is not yet over Determined not in the scope of the non-life insurance fund, must support and take care of customers, 10 million policies must not affect
2 Feb 2022 – Mr. Krisada Chinavicharana, Permanent Secretary, Ministry of Finance As the chairman of the Office of Insurance Commission (OIC) mentioned the case of Southeast Insurance Public Company Limited and Thai Insurance Public Company Limited requesting to cancel the business. Returning Linesen of the insurance business, the OIC is considering the matter. but not yet approved Because there are conditions that must allow both companies to take care of those insured for COVID-19 best first
In the past, there have been discussions in which the two companies proposed that the insurance fund be the operator to pay the compensation to the customer, which the fund was unable to do. Because the law clearly states that the Fund will be the operator only in the event that the OIC has an order to close the insurance company As for the case that the company requests to cancel the business, it is not in the scope of the Fund. be responsible
Currently, both companies have customers with regarding 10 million policies, but insist that they should not be worried. Because it is general insurance, regarding 8 million policies, which in this section will have a company to take over The Insurance Association cooperated to help find the company to take over. To prevent accusations that the two companies sold their policies to their own affiliates to eliminate this conflict of interest Covid-19 insurance section There are regarding 1 million more than that policy. Now the company is trying to help. Editing is in progress
Currently, both companies have opened a way for customers to request cancellation of the policy. which will receive a full refund of the premium It is voluntary of the insured. It is considered a good solution. because the insured will receive a full refund For those who do not cancel the policy Insurance coverage is still available. Because right now the two companies have not been allowed to close the business as requested,” Mr Krisada said.
“The OIC coordinates closely with the two companies. Discussions are held all the time in order for both locations to take the best care of their customers. comprehensive and without damage to customers As for whether the two places will be allowed to close, it depends on the condition that the two companies can take care of their customers according to the conditions proposed to the OIC,” Mr Krisada said.
