Listed insurer Syn Mun Kong Insurance has announced that it will indefinitely cease accepting new insurance business after the Central Bankruptcy Court revoked an order placing the company in a rehabilitation plan.
The company had filed for court-sanctioned rehabilitation, a form of legal bankruptcy protection, after it suffered tremendous losses on its COVID-19 insurance coverage, under the slogan “Find, Pay, End”, during the pandemic.
The company accumulated about THB30bn ($861m) in unpaid compensation, which exceeded the insurer’s assets. It entered into rehabilitation in 2022 and stopped paying compensation on 25 April 2023, reported the online news website, Thai PBS World.
According to the court order issued in December 2023, the company was to resume responsibility for its management and begin compensating the insured.
If the authorities were to revoke…
