Thailand: OIC Considers Granting Insurance Digital Licenses.
Legal News & Analysis - Asia Pacific - Thailand - Insurance & Reinsurance - Regulatory & Compliance
14 March, 2020
Moving towards digital insurance is one of the goals enshrined in the Insurance Development Plan No. 3, which aims to elevate the Thai insurance industry's standard to international levels. The Office of Insurance Commission (OIC) is therefore contemplating issuing insurance licenses again, as the last insurance license was issued 20 years ago.
This time, however, the OIC will issue digital licenses.
The OIC has dedicated a task force to study digital insurance licensing in Hong Kong. Recent reports indicate that the OIC may issue both visual licenses (for new entrants wishing to sell insurance digitally without commission), and digital licenses (to existing insurers wishing to switch to purely digital sales).
For further information, please contact:
Sivapong Viriyabusaya, Partner, Baker & McKenzie