Southeast Asia Insurance Not Yet Authorized to Shut Down: OIC

[webfact]

 

By Natthaphon  Sangpolsit

    

BANGKOK (NNT) - Thailand’s insurance business regulator has indicated that approval has not been granted for Southeast Asia Insurance to cease operations and that all existing insurance policies are still valid. The statement was in response to Thai Group Holdings Plc having notified the Stock Exchange of Thailand about discontinuing operations at Southeast Asia Insurance Plc.

 

The Office of Insurance Commission (OIC) explained that Southeast Asia Insurance filed for the termination of its business with the OIC, but approval has yet to be granted. The office has established a working committee to scrutinize relevant details, with the aim of preserving the benefits of insurance policyholders and other stakeholders as well as ensuring the legality of the move.

 

The OIC noted that the General Insurance Fund exists to protect those entitled to payment in accordance with insurance claims in cases where an insurance company’s license is revoked. The fund is also intended to foster stability and reliability for the insurance business.

 

The office said the fund does not cover cases of an insurance company ceasing its operations, but assured that public concern was unwarranted. It explained that Southeast Asia Insurance cannot shut down or cease operations until it receives approval to do so from the OIC, adding that all current insurance policies are still valid.

 

-- © Copyright NNT 2022-01-29

 

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[connda]

7 hours ago, webfact said:

The OIC noted that the General Insurance Fund exists to protect those entitled to payment in accordance with insurance claims in cases where an insurance company’s license is revoked. The fund is also intended to foster stability and reliability for the insurance business.

Typical corporation:  Privatize profits, socialize losses.