Ailing Thai insurance company confirms it is still operating

[webfact]

 

A major insurance company struggling with massive losses over COVID-19 compensations clarified today (Thursday) that it is still operating as usual, amid widespread concern among its clients, but insisted that its recent decision to voluntarily cease trading and return its license is the best option under which all the insured will get their entitlements.

 

Southeast Life Insurance Company’s clarification letter was issued after Thailand’s Office of the Insurance Commission (OIC) said that the company is not yet legally dissolved, as it needs to obtain a permission first and meet various conditions.

 

The company said that its capital adequacy ratio is 170%, which is above the required limit, and it has sufficient liquidity to pay compensation and reimburse all the insured and their beneficiaries, its own staff and its business allies.

 

Full story: https://www.thaipbsworld.com/ailing-thai-insurance-company-confirms-it-is-still-operating/

 

-- © Copyright Thai PBS 2022-01-28

 

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[RandiRona]

Last call for final premium collection before it folds...pay your dues fellas!

[Orinoco]

Insurance companies, i love them as much as a Uk Traffic warden.

[bwanajohn]

Unfortunately I paid them  my car insurance for the year last week.

On the phone yesterday they assured me there would be no problem .

Hmmm

 

 

[ThaiFelix]

47 minutes ago, Orinoco said:

Insurance companies, i love them as much as a Uk Traffic warden.

Yep it really makes my day hearing an insurance company having financial problems.

 

Karma:  Sooner or later, somewhere, somehow, you have to pay.

[hotchilli]

5 hours ago, webfact said:

The company said that its capital adequacy ratio is 170%, which is above the required limit, and it has sufficient liquidity to pay compensation and reimburse all the insured and their beneficiaries, its own staff and its business allies.

Unlike another one where the staff are still waiting for back-salaries and compensation packages.

[lujanit]

1 hour ago, Orinoco said:

Insurance companies, i love them as much as a Uk Traffic warden.

That is pretty hard on Traffic Wardens.

[soalbundy]

1 hour ago, hotchilli said:

Unlike another one where the staff are still waiting for back-salaries and compensation packages.

Which one, out of interest

OK, my bad, just read it.

[Pedrogaz]

1 hour ago, ThaiFelix said:

Yep it really makes my day hearing an insurance company having financial problems.

 

Karma:  Sooner or later, somewhere, somehow, you have to pay.

Thing is that the higher employees and the owners will have zero liability and will still be living in their vast mansions and driving their Lambos. 

[robblok]

6 minutes ago, Pedrogaz said:

Thing is that the higher employees and the owners will have zero liability and will still be living in their vast mansions and driving their Lambos. 

Bit of misinformation mate, this is a company noted at the stock exchange so you could be an owner too. I doubt that unfair high dividends have been paid out. Now top management, who knows no idea they might indeed be rich. But the fact that this company noted on the stock exchange would mean there is considerable scrutiny of the figures by the stockholders. So if the rewards are unfair something could have been done. (unless those in higher management own so many shares they can block it all) But in general that is unlikely with companies that are traded in at the stock exchange.

 

But not impossible of course. 

[MyFriend You]

1 hour ago, bwanajohn said:

Unfortunately I paid them  my car insurance for the year last week.

On the phone yesterday they assured me there would be no problem .

Hmmm

 

 

  Yes Sir, you had insoro for one year, no plem, you hab cover of sure.............not making fun of your policy, I can just hear this being told to folks that call.  

 

     I wish you luck having gone thru an Insurance scam in Panama some 32years ago, but the local Insurance company was non-existant, did not have a license to underwrite the policy on behalf of the parent company.  Found out they scammed some eight hundred or so GI's stationed there.  Parent company didn't pay, neither did I, courts were backed up - cases was lost.  Far as I know, the truck is still down there somewhere.   Peace

[tomacht8]

A family member has been trying for weeks to get her 100k Covid money from the insurance. The insurance stopped to answer emails and does not pick up the phone anymore.

 

I think there are already many insurance companies in extreme difficulties.

 

 

 

 

[jollyhangmon]

... had indeed to stop reading for a minute, tears obstructing my view ...!    (narcsarc)

 

Now wait what hairbrained schemes they'll be coming up with next to help the 'ailing industry', LOL ...