New Amendments To OIC Regulatory Plan To Boost Competitiveness In Thailand’s Insurance Industry.
Legal News & Analysis - Asia Pacific - Thailand - Insurance & Reinsurance - Regulatory & Compliance
4 September, 2019
On August 13, 2019, Thailand’s Office of Insurance Commission (OIC) held a meeting to clarify its regulatory plan, which focuses on amendments to the approval process for insurance products and standard health insurance contracts. The amendments are expected to be implemented within this year.
Amendments to the Approval Process for Insurance Products
The OIC plans to introduce a new approval system for insurance products. The amendments will reduce the timeline for approvals for insurance products as follows:
Amendments to Standard Health Insurance Contracts
The OIC also plans to amend standard health insurance contracts. The key amendments will affect coverage, benefits, definitions, conditions, and exclusions for standard health insurance contracts.
Tilleke & Gibbins will continue to monitor the developments of these planned amendments and update you accordingly.
For further information, please contact:
Athistha (Nop) Chitranukroh, Tilleke & Gibbins