After an overwhelming number of Covid-19 claims caused 2 of Thailand’s insurance providers to owe billions of baht in compensation, Thailand’s finance minister has revoked the providers’ business licenses. The decision was made effective yesterday.
One provider, Southeast Insurance, owes 13 billion baht in compensation, while the other, Thai Insurance, owes 4.6 billion baht. The Secretary-General of the Office of the Insurance Commission says the insurance reserves and capital funding ratio of the two firms are below the legal minimum. He noted the firms now have more liabilities than assets, and have unreasonably delayed compensation payments to their customers. He also claimed they have failed to record compensation payments as required.
The secretary-general added that the OIC has been trying hard to solve the firms’, but hasn’t been successful in doing so. He said the…
