Dr. Suthiphon Thaweechaikarn, secretary-general of the Insurance Commission (OIC), revealed that Mr. Arkhom Termpittayapaisith, Minister of Finance, issued an order of the Ministry of Finance No. 1936/2564 dated October 15, 2021 to Revoked the license to operate the insurance business Plc.Asia Insurance 1950 by virtue of Section 59 (1) (2) (4) and (5) of the Non-Life Insurance Act B.E. 2535 and its amendments, effective from October 15, 2021 onwards.
Secretary General of the OIC said that the revocation of the license to operate insurance business this time. It is a measure that is absolutely necessary to protect the benefits of the insured people. and processes under the facts and laws to protect the highest benefits of the people as well as to clarify the facts Laws and related events as well as the preparation of various measures in order to prevent the insured and the public from suffering as follows:
1. Due to evidence to the registrar that the company’s financial status is unstable due to insufficient capital maintenance as required by law have more liabilities than assets Insufficient liquidity to cover claims late payment of compensation and the offer for sale of the policy is not in accordance with the form and statement approved by the registrar It is the case that the company having a status or operation in a manner that may cause damage to the insured or the public
Registrar with the approval of the Insurance Commission (OIC) in accordance with the resolution of the meeting No. 10/2021 on September 23, 2021, therefore by virtue of Section 52 and Section 54. of the Non-Life Insurance Act B.E. 2535 and its amendments order the company to rectify its position and actions as prescribed by the Registrar and allow the company to temporarily suspend non-life insurance
The OIC has taken control of financial transactions. To ensure that during the order that the company temporarily suspends insurance. and is in the process of solving problems according to the order There will be no transfer of assets. or has any action that may cause damage to the insured and the public and must be completed by October 22, 2021
2. When giving the company period The financial position and execution of the registrar’s order has been revised. It appears to the registrar that the company has more liabilities than the assets, causing the company to be unable to pay compensation within the time specified by law. And there are still a large number of outstanding claims, which the Company cannot solve the problem of claims management.
and from the fact that the OIC has monitored the progress of the Company about capital increase or financial status to be sufficient for the obligations, it was found that the Company was not yet clear about the capital increase guidelines. or correction of the company’s financial position and it does not appear that the company There was a shareholders’ meeting to correct the company’s financial position. and it is unclear whether there will be a joint venture from other venture capitalists. As a result, the company having an unstable financial position together with the company Many employees have been laid off, causing the Company to not have the readiness and ability to undertake non-life insurance business. In addition, the company There are many acts that violate the law.
from the facts shown If the company operate insurance business Will cause damage to the insured or the public, the OIC at its meeting No. 11/2564 on October 8, 2021 therefore resolved to propose an opinion to the Minister of Finance. to consider an order to revoke the insurance business license of 1950 Asia Insurance PCL.
3. The Minister of Finance considered that the Company had more liabilities than assets. having an unstable financial position unable to maintain the capital fund as required by law There is an act that violates the provisions of the law. unable to resolve important problems of the Company within a reasonable time delay payment of compensation and lacks the ability and readiness to undertake insurance and continue to undertake insurance business if continuing to undertake non-life insurance business will cause damage to the public or the insured as well as the reliability of the insurance business
Therefore, by virtue of Section 59 (1) (2) (4) and (5) of the Non-Life Insurance Act B.E. 2535 and its amendments There is an order to revoke the license to operate the insurance business. Asia Insurance Plc. 1950 from October 15, 2021 onwards. and if the company disagree with this statement has the right to submit a plaint to the Central Administrative Court within 90 days from the date of receiving the order
4. When the Minister There is an order to revoke the license to undertake non-life insurance business. Asia Insurance Plc. 1950 and the Insurance Commission. Which by virtue of Section 60 and Section 62 of the Insurance Act B.E. 2535 and its amendments Appointed to the non-life insurance fund be liquidator
5. Revocation of the license to undertake non-life insurance business Asia Insurance Plc. 1950 is a problem of the company’s financial position and internal management. therefore does not affect financial stability or liquidity of other non-life insurance companies or insurance business as a whole
The OIC has prepared measures to help the insured. to prevent the insured from being affected as follows:
5.1 Integrate cooperation with the Non-Life Insurance Fund (as a liquidator) and 13 non-life insurance companies as follows:
(1) the insured who has been damaged and has filed a claim with the Company, then contact the Insurance Fund by the Non-Life Insurance Fund will be subcontracted according to the claims that have already been approved so that the transition is uninterrupted
(2) the insured who has been damaged but has not filed a claim with the Company to file a claim Compensation from the Non-Life Insurance Fund by the non-life insurance fund will consider the compensation according to the conditions of the insurance policy
(3) all types of insurance policy holders able to operate in the part of such insurance policy as follows
– Request a refund of the remaining premium from the insurance fund by the non-life insurance fund will return the premium for the remainder of the coverage period; or
– Bring the insurance premium that will be returned. To use instead of cash to buy insurance from participating non-life insurance companies. All types of insurance policies
(4) Insurance policy holders who provide coverage for Coronavirus Disease 2019 (Covid-19) can bring insurance premiums. Go buy coverage for Coronavirus Disease 2019 (Covid-19) from Dhipaya Insurance PCL. This will provide protection only for coma. In the amount of coverage 300,000 baht, insurance premiums 300 baht, or bring insurance premiums to buy coverage from participating non-life insurance companies. which will receive an additional 10% discount on insurance premiums of the new policy, but not more than 500 baht, except for insurance policies that cover the Coronavirus Disease 2019 (Covid-19) of Dhipaya Insurance PCL. and compulsory car insurance policies (Act)
5.2 Establish an advisory center receive a complaint and facilitating the acceptance of debt repayment requests including supporting personnel in receiving debt repayment applications Both at the central office of the OIC and the office of the Provincial OIC throughout the country To provide services to the insured and the public quickly and thoroughly
5.3 Prepare a place where debt repayment applications can be submitted. both central and regional as follows:
(1) non-life insurance fund (As a liquidator) Shinawatra Tower 3, 15th Floor, No. 1010 Vibhavadi Rangsit Road, Chatuchak, Chatuchak, Bangkok 10900 Telephone 0-2791-1444 Ext. 11-15 and 21-24
(2) Office of the OIC which is assigned by the Non-Life Insurance Fund Serves to facilitate the receipt of documents, evidence of debt repayment already. forwarded to the Non-Life Insurance Fund The insured can submit both central and provincial areas as follows:
Central can submit 3 places as follows:
– Central OIC Office No. 22/79 Ratchadaphisek Road Chankasem Sub-district, Chatuchak District, Bangkok 10900 Tel. 0-2515-3999 or OIC Hotline 1186 or chatbot “OIC Knows” (LINE@OICConnect).
– Office of the OIC, Tha Phra District No. 287 Soi Ratchadaphisek 6, Ratchadaphisek-Thapra Road, Bukkhalo, Thonburi, Bangkok 10600 telephone number 0-2476-9940-3
– Office of the OIC, Bangna District No. 1/16 Bangna Thani Building, 8th Floor, Bangna-Trad Km.3 Road, Bangna Sub-District, Bangna District, Bangkok 10260 Telephone No. 0-2361-3769-70
In the region, you can apply for repayment at the regional OIC offices and provincial OIC offices across the country.
5.4 The OIC has developed a dedicated Web Application to enable faster communication with the insured. The system will inform the information to the insured online.
5.5 Integrate cooperation with the Non-Life Insurance Fund and the Thai General Insurance Association Provide a total of 47 telephone lines to answer inquiries regarding this matter. which will increase to 100 lines in the next phase
The Secretary-General of the OIC said that if he is a creditor under the insurance contract of the Company Must submit a claim for repayment to the Non-Life Insurance Fund as a liquidator of the Company within 60 days from the date the Insurance Fund stipulates in the announcement. By bringing together the original documents and 2 copies of the documents to support the application for debt repayment as follows: insurance policy ID card, claim slip, payment invoice or any other document showing the debt Certificate of registration of juristic person (In the case of a juristic person) and if it is a creditor other than a creditor under the insurance contract to bring documents showing creditor The original and a copy of 1 set to support the application for debt repayment as follows: Evidence showing the debt ID card Certificate of registration of juristic person (In the case of a juristic person)
However, if the creditor is unable to file by himself/herself There must be a power of attorney affixed with a duty stamp of 30 baht, along with a copy of the identity card of the attorney and attorney. Submit to the Non-Life Insurance Fund as a liquidator of the Company
“Procedures in accordance with the law since the company Temporarily suspend non-life insurance under Section 52, a competent official of the OIC who is stationed at the company’s office to carry out control of disbursement as necessary and expedite the clearing of claims for the insured and creditors under the insurance contract first This allows the OIC to expedite the payment of compensation to the insured. and creditors under insurance contracts first As a result, the OIC was able to expedite the payment of compensation to more than 13,000 insurers, amounting to more than 800 million baht. It is still not enough to take care of the claims that are gradually coming in and the company is unable to solve the problem of the financial position. Therefore, it is necessary to revoke the license in order for the insurance fund to take care of it. using the fund to heal the insured,” said the Secretary-General of the OIC.
Along with specifying that the Minister of Finance has ordered to take care of the people to the fullest. After the license has been revoked The non-life insurance fund will take over the payment of compensation to the insured. For insurance policies that are still binding with the company has set guidelines for helping the insured and the public by transferring to another insurance company responsible for
In addition, the development of COVID-19 insurance products has been encouraged, especially in order to support the insured who wants continuous protection against COVID-19. Therefore, the public is encouraged to be confident that they will be protected by the Office of Insurance Commission Jabura. Collaborate with the Non-Life Insurance Fund and the Thai General Insurance Association. fully help alleviate the suffering of the people
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