“The Government Gazette” has announced the payment terms Compensation “Found, Pay, End”

Government Gazette has published the Notification of the Insurance Commissioner on Criteria, Methods, Conditions and Installment Period compensation COVID-19 for Non-Life Insurance Companies B.E. 2022

to support the epidemic situation of the coronavirus disease 2019 (COVID-19) that continues to be violent until now. As a result, insurance companies that are insured under the policy covid insurance (type meet, pay, finish or whatever it is called) was severely damaged. The volume of claims from insurance companies is still likely. steadily increasing at present

Therefore, in order to alleviate the problem of indemnifying the higher amount at the same time which may affect the financial position and liquidity of insurance companies that provide protection according to the type of covid insurance policymeet, pay, finish until causing an impact on the compensation under other types of insurance policies for the insured or the public

Therefore, the insurance company should can request for installmentcompensation COVID-19 through a voluntary agreement of assured beneficiary or a person who has a claim or is covered under a COVID-19 insurance policy

By virtue of Section 36 paragraph two and Section 37 (11) of the Act Non-Life Insurance B.E. 2535 and amended by the Non-Life Insurance Act (No. 2) B.E. 2551 and Section 3 (1) of the Supervisory Board Act. and promote assembly Insurance Business, 2007, in conjunction with the resolution of the Board of Directors meeting Insurance Business No. 3/2022 dated March 16, 2022, the Board of Supervision and Promotion Insurance business therefore issued an announcement as follows:

Article 1 This announcement is called “Notification of the Insurance Business Regulation and Promotion Committee Re: Rules, Procedures, Conditions and Installment Periodcompensation COVID-19 for Non-Life Insurance Companies B.E. 2515”

Clause 2 This announcement shall come into force from the date of its announcement onwards.

Article 3 in this announcement

“Compensation” COVID-19 means compensation under an insurance policy. COVID (typemeet, pay, finish or whatever it is called) that requires the company to pay an amount as prescribed at one time to the Insured beneficiary or the person who has the right to claim or are covered under the insurance policy when the insured or those covered for coronavirus disease 2019 (COVID-19), but does not include money or other compensation such as medical expenses income compensation daily compensation
or other compensation

“company” means a company that has been licensed to undertake non-life insurance business under the law on non-life insurance and includes branches of foreign non-life insurance companies that have been Non-life insurance business license in the Kingdom under the law on non-life insurance

“Office” means the Office of the Insurance Commissioner

Article 4. The installment payment for COVID-19 claims under this announcement is caused by an agreement. voluntarily between the company and the insured beneficiary or a person who has the right to claim or receive Insurance coverage

In the event that an agreement cannot be made under paragraph one Let the company proceed in accordance with the announcement. Ministry of Commerce Re: Rules, Procedures and Time Period Considered to Delay Payment of Compensation or delay the return of insurance premiums of non-life insurance companies dated 27 September 2006

and the Notification of the Insurance Commission on Rules, Procedures and Conditions for Reimbursement or compensation under the insurance contract of the Non-Life Insurance Company B.E. 2559 dated January 29, 2016, including other relevant announcements and orders

Article 5 Any company wishing to apply for an installment payment for COMD-19, that company shall make an agreement. with the insured beneficiary or a person who has a claim or is covered under an insurance policy by the following criteria:

(1) The payment installment agreement for COVID-19 must be completed by August 31, 2022.

(2) The application for the payment of compensation must not exceed 8 installments and the total period will not exceed eight months, provided that in the first installment, the amount must be at least 30 percent of the amount of the compensation. COVID-19 that companies have to pay

(3) The Company must pay interest at the rate of not less than three percent per annum of the amount of COVID-19 compensation requested in installments.

Article 6 When the Company has agreed with the Insured protected person beneficiaries or persons who are entitled to claim or are covered under the insurance policy that there has been an installment payment for the COVID-19 claim under Article 5, it shall be deemed that

(1) does not specify a date for receiving money more than 15 days from the date the parties have agreed or deliberately disobey terms of insurance contract or any terms or rules that are clear give the company a duty Must pay compensation for COVID-19 to the insured beneficiary or a person who has the right Claims or is covered under an insurance policy according to the notification of the Ministry of Commerce regarding the rules, procedures and periods that are considered delay in payment of compensation or delay the return of insurance premiums of the insurance company

dated 27 September 2006

(2) It is not considered and paid compensation. or compensation under the insurance contract exceeding the period specified in the insurance contract or as required by law according to the announcement of the committee Regulate and promote the operation of insurance business regarding rules, procedures and conditions for reimbursement. or compensation under the insurance contract of the non-life insurance company B.E. 2559
dated 29 January 2016

and the order of the Office of the Supervisory Board Insurance business, subject to amendments to the manual, work system, and process for considering and Pay compensation according to the COVID-19 insurance policy of the insurance company B.E. 2021 dated August 30, 2021.

Clause 7 The company must prepare a progress report on the payment of COVID-19 claims and projected cash and liquid assets of the company each month for the Office to inspect. and a copy of such report shall be delivered to the Office within fifteen days from the last day of the month in accordance with the rules, procedures and forms prescribed by the Office.

Article 8 In the event that the Company fails to comply with the COVID-19 Compensation Installment Agreement made with the Insured beneficiary or a person who has a claim or is protected according to the insurance policy or fails to comply with the rules, procedures, conditions and periods specified in this notification It shall be deemed that the company delayed the payment of compensation. according to the notification of the Ministry of Commerce regarding the rules, procedures and periods that are considered delay in payment of compensation or delay the return of premiums Insurance of Non-Life Insurance Company, dated 27 September 2006

and is it a violation? Failure to comply with the Notification of the Insurance Commission Re: Rules, Procedures and Conditions for Reimbursement or compensation under the insurance contract of the Insurance Company B.E. 2559 dated January 29, 2016, including other relevant announcements and orders