“Royal Gazette” Publication of the Notification of the Insurance Commission on Measures for Non-Life Insurance Companies with Compensation for COVID-19 During the Coronavirus Disease 2019 (COVID-19) Epidemic Situation B.E. 2021 “Carrying Insurance” which is considered to help insurance company Those who are experiencing problems have to pay for coverage for those affected by theinfected with covid-19
The reporters reported that on 11 Oct. Government Gazette Has published an announcement of the Insurance Commission on Measures for Non-Life Insurance Companies with Compensation for COVID-19 during the Coronavirus Disease 2019 (COVID-19) Epidemic Situation B.E. 2021
The announcement said that due to the current coronavirus disease 2019 (COVID-19) epidemic, it has caused a large number of infected patients. This results in a number of companies having to pay. Compensation from such cases is greater than expected in a short time.
together with the Prime Minister Has issued the requirements under Section 9 of the Emergency Decree on Public Administration B.E. 2558 (No. 1) and (No. 28) to all government agencies to determine measures. to assist or mitigate the impacts arising from the enforcement of government measures on the people in their duties and powers, and consider measures and expedite the implementation of duties and powers intensively To achieve quick and clear concrete results
Therefore, in order to prevent people from being affected by Liquidity problems that may arise with the company as well as to allow the company to have time to manage claims and rectify the financial position to return to normal Coupled with the situation that arises, there is an urgent need. If left too late may cause serious damage to the people. and affect confidence of the insurance system
for the essence Article 1 This announcement is called “Announcement of the Commission on Supervision and Promotion of Insurance Business Re: Measures for Non-Life Insurance Companies with Compensation for COVID-19 during the Coronavirus Disease 2019 (COVID-19) Pandemic Situation”
Article 2 This Notification shall come into force from 30 September 2021 to 30 June 2022.
Article 3 in this announcement “Board” means the Insurance Commissioner
“Registrar” means the Secretary-General of the Insurance Commissioner or a person entrusted by the Secretary-General of the Insurance Commission
“Office” means the Office of Insurance Commission
“company “ means a company that has been licensed to undertake non-life insurance business under the law on non-life insurance and includes a branch of a foreign non-life insurance company that has been granted a non-life insurance business license in the Kingdom under the law on non-life insurance; with compensation incurred from insurance against illness or coma caused by Coronavirus Disease 2019 (COVID-19) from January 1, 2021 to June 30, 2022.
“Covid-19 Compensation” This means that compensation incurred from Insurance for illness or coma caused by Coronavirus Disease 2019 (COVID-19) from January 1, 2021 to June 30, 2022.
Article 4 Determination of types and types of capital funds including the calculation of capital Valuation of claim reserves and premium reserves allotment of reserves unearned premiums reserve for compensation and other reserves, allocation of back-up assets Having cash and bank deposits in savings or current types that the company has set aside for the backing assets and is available to pay claims or disclosure For companies with COVID-19 compensation that have been waived according to this announcement to be in accordance with set out in this announcement In the event that other announcements are contrary to or inconsistent with this announcement, this announcement shall be used instead.
Article 5 Companies with COVID-19 compensation may apply for a waiver in any of the following matters, as the case may be:
Article 6 A company applying for a waiver under Clause 5 must have the following characteristics:
(1) having a compensation for COVID-19 in the amount of more than five hundred million baht before applying for a waiver
(2) The COVID-19 claim has been paid in accordance with the procedures and time period specified in the order. Office of the Insurance Commission on Amendments to the Manual, Work System and Process To consider and pay compensation according to the COVID-19 insurance policy of the insurance company B.E. 2021, not less than seventy-five percent of the complaints. About the COVID-19 insurance policy that was filed with the office before the waiver was filed
(3) It is estimated that the capital adequacy ratio of the company Between 30 September 2021 and 30 June 2022 may be lower than the legal limit.
(4) Having sufficient capital funds and/or liquid assets to cover outstanding COVID-19 claims that have been claimed prior to the waiver application. Thai government bonds
(5) There is a plan to complete the correction of the financial position within 30 June 2022 by reporting the progress of the implementation of the plan to the Registrar every fifteen days.
Article 7 Companies with the characteristics under Clause 6 may apply for a waiver under Article 5 by submitting an application to the Registrar to consider granting a waiver no later than June 30, 2022. The Registrar will notify the company submitting the request within 30 June 2022. thirty days from the date of receipt of the request with complete supporting documents for consideration and when the registrar considers a waiver to any company report to the Board of Directors for acknowledgment including announcing the list of companies that have been that waiver In waiver, what conditions will the registrar prescribe for the stability of the company and the stability of the insurance system? Including the protection of benefits of the insured and the public as well when the company has received a waiver The company must not be insured against illness or coma. caused by the coronavirus disease 2019 (COVID-19) more
Article 8 to companies that have been granted a waiver under this announcement Submit a report on financial position and operations to the registrar
Article 9 Let the company disclose information about the adequacy of capital funds. the process of manage the company’s capital and assessment of capital adequacy including debt assessment from the insurance contract By comparing the information before and after applying the relief measure from the COVID-19 claim in the form attached to this announcement.
Article 10 Companies that have been granted a waiver under this announcement the registrar has the power to cancel the waiver under this announcement in the event that the following facts appear:
(1) the company does not operate or does not operate in accordance with the plan to correct the financial position
(2) the company fails to comply with the conditions prescribed by the Registrar in Clause 7, paragraph two;
(3) The company pays for COVID-19 claims to the insured. beneficiary or those who have the right to claim under the insurance policy late or does not meet the requirements of the insurance policy or relevant laws
(4) The company does not operate or operates inconsistent with this notification.
(Click to read) Announcement of the Insurance Commission on Measures for Non-Life Insurance Companies with Compensation for COVID-19 during the Coronavirus Disease 2019 (COVID-19) Epidemic Situation B.E. full version
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