The OIC intensively train insurance sector ... Accelerating understanding and preparation of the new insurance law amendments before putting into force.
On March 19, 2019, Dr. Suttipol Taweechaikarn, the OIC’s Secretary-General presided the seminar and addressed the issue of "Project to understand the principles of the draft law on insurance (Group 1) duly adopted by the National Legislative Assembly" at the Swissotel Le Concorde, Bangkok. Three hundred interested people attended the seminar which was from various sectors of the insurance industry, including the Thai Life Assurance Association, Thai General Insurance Association, Association of Life Insurance Agents and Financial Advisors, Thai Insurance Broker Association, The Insurance Actuary Association of Thailand, Federation of Accounting Professions,Thai Bankers Association, Life insurance fund, Non-life insurance fund, Representatives from life insurance and non-life insurance company, insurance agent/broker, casualty assessor as well as law firms, accounting consultant company, and the general public
This seminar aimed to create knowledge and understanding of the Life Insurance Act (No. ..) BE…. and the Non-life Insurance Act (No. ..) BE .... which has been adopted by the National Legislative Assembly and under the process of the King’s signature. After which both laws will be effective in 180 days from the date of Government Gazette publication. Both amended laws have been changed from the current ones in three main issues as follows:
The first issue: To improve the rules on insurance intermediaries and casualty assessors regulating to be more efficient and clarified both determining the qualified and prohibited characteristics of those who will apply for a license including the regulating process clarification of these persons to reduce the obscurity of the gray area that causes misinterpretation between business operators and regulators. In addition, the business model of a juristic person has been introduced to improve the casualty assessing process. This is to help protect the public for systematic disaster assessment service and having a clear responsibility. Should there be damage from the operation, there will be a good governance system to assist in management and responsibility for the damage, and also the examination will be more convenient if in the form of a juristic person. In addition, the license will be issued for only one type which reduces the insurance business operators’ burden.
The second issue: Giving room for the OIC to set supporting rules for the use of electronic methods especially for the insurance industry to be in line with the new innovations technology development in order to have the electronic security standard which will help to strengthen the information security for the insurance business including creating confidence to the insured database as well.
The last issue: Treating insurance fraud is an offense against the insurance law. Originally this fraud offense does not appear in the Life and non-life Insurance Act and, consequently, the fraud case often happened and affected the public as well as the fraudulent practices incurred by persons both inside and outside the industry that the OIC and laws could not well tackle. These would affect the image of the insurance industry.
"The revised law with new and addition principles requires the relevant stakeholders to be informed and have a correct understanding. There should be this seminar to provide knowledge to participants. It is also a forum for hearing and suggestions retrieving from participants. Thus the OIC will use information from this seminar to prepare for the related rules, regulations and procedures issued under the new laws to be effective and fair. Should there be any doubt, please contact the IOC 1186, Hotline for more details" The Secretary-General of the OIC said at the end.