The headquarters of the Office of Insurance Commission on Ratchadaphisek Road. (Photo: Pornprom Satrabhaya)
The board committee of the Office of Insurance Commission (OIC) has ordered Phutthatham Insurance Co to temporarily suspend its non-life insurance business due to the company’s dire financial position.
OIC secretary-general Suttipol Taweechaikarn said the board of directors approved the decision for Phutthatham Insurance to temporarily suspend non-life insurance business as of May 27 because the company’s financial position is unstable.
Its capital funds fell below the legal limit, meaning that it has more liabilities than assets.
The company also faces delays in compensation payments to policyholders who wish to make a…
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