webfact Posted January 27, 2022 Share Posted January 27, 2022 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 - Aetna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here. - Follow ASEAN NOW on LINE for breaking COVID-19 updates Link to comment Share on other sites More sharing options...
RandiRona Posted January 27, 2022 Share Posted January 27, 2022 Last call for final premium collection before it folds...pay your dues fellas! 2 Link to comment Share on other sites More sharing options...
Orinoco Posted January 28, 2022 Share Posted January 28, 2022 Insurance companies, i love them as much as a Uk Traffic warden. 1 1 Link to comment Share on other sites More sharing options...
bwanajohn Posted January 28, 2022 Share Posted January 28, 2022 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 Link to comment Share on other sites More sharing options...
ThaiFelix Posted January 28, 2022 Share Posted January 28, 2022 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. 2 Link to comment Share on other sites More sharing options...
hotchilli Posted January 28, 2022 Share Posted January 28, 2022 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. Link to comment Share on other sites More sharing options...
lujanit Posted January 28, 2022 Share Posted January 28, 2022 1 hour ago, Orinoco said: Insurance companies, i love them as much as a Uk Traffic warden. That is pretty hard on Traffic Wardens. 2 Link to comment Share on other sites More sharing options...
soalbundy Posted January 28, 2022 Share Posted January 28, 2022 (edited) 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. Edited January 28, 2022 by soalbundy 1 Link to comment Share on other sites More sharing options...
Pedrogaz Posted January 28, 2022 Share Posted January 28, 2022 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. 1 Link to comment Share on other sites More sharing options...
robblok Posted January 28, 2022 Share Posted January 28, 2022 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. Link to comment Share on other sites More sharing options...
MyFriend You Posted January 28, 2022 Share Posted January 28, 2022 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 1 Link to comment Share on other sites More sharing options...
tomacht8 Posted January 28, 2022 Share Posted January 28, 2022 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. Link to comment Share on other sites More sharing options...
jollyhangmon Posted January 28, 2022 Share Posted January 28, 2022 ... 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 ... 1 Link to comment Share on other sites More sharing options...
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