Full premium refund option proposed by two ailing insurance companies

[webfact]

 

The Southeast Life Insurance and Thai Insurance companies have offered to repay full insurance premium to those customers who have not claimed compensation for COVID-19 infections, before the two firms cease operations.

 

The option is intended to benefit customers while the companies are still in a stable financial condition, after the Insurance Commission accepted the two companies’ filings to return their operating licenses, according to the two companies, adding that they will cease operations once the Insurance Commission grants them permission to do so.

 

Customers seeking a premium refund can contact the companies by scanning the QR code at www.southinsurance.co.th or at www.thaiis.com from February 1st until the 7th, between 9am and 11.59pm.

 

Full story: https://www.thaipbsworld.com/full-premium-refund-option-proposed-by-two-ailing-insurance-companies/

 

-- © Copyright Thai PBS 2022-01-31

 

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[rbkk]

Are they going to be proactive and contact their customers directly or are they going to be reactive only to those lucky enough to catch the news and request the refund. Just return all premiums to all covid policy holders who haven't yet put in a claim. So, if you miss the 7-day deadline, what, tough luck?

[lapamita]

this contracts are normaly valid even in thailand , so people want to keep the insurance can kepp it and must not accept a refund.

They responsibility until the end of the contract , even they get in financial difficultys or case operations for new contracts. or go under bancrupty protection

a chance that this company goes full bancrupt  and that customers dont get compensation in case of covid is very low , near to 0

they regular  re-insured by other companys ,and even a  rescue fund excist.

they may issued this contracts with greed , to do quick money ,and dont take out any re insurance  against the risks, and against capital requierments by thailaw

 

if it would be like this , how in a desaster , you dont need a contract bcs all say cant pay. and refund, than this industry would not excist

 

[tonray]

Why not just make it mandatory for OA visa holders / extenders to buy a useless policy to bail them out...

[RichardColeman]

Hopefully the directors and all the higher up staff will be banned from working in insurance for life

[PFMills]

Could be that they are not actually going to fail. But just don’t want anymore claims.

 

It is not normal that failing companies give you money back.

[connda]

3 hours ago, webfact said:

The Southeast Life Insurance and Thai Insurance companies have offered to repay full insurance premium to those customers who have not claimed compensation for COVID-19 infections, before the two firms cease operations.

Only on the conditions that the company as well as the parent company closes their businesses.
Insurance companies are predatory until their own bets go bad.  Then it's whining and crying and demanding the government intercedes.  Regulators should not allow insurance companies to game the system. 

[connda]

2 hours ago, rbkk said:

Are they going to be proactive and contact their customers directly or are they going to be reactive only to those lucky enough to catch the news and request the refund. Just return all premiums to all covid policy holders who haven't yet put in a claim. So, if you miss the 7-day deadline, what, tough luck?

The latter I'm sure.  They should be forced to contact policy holders by courier or EMS.  But I bet the regulators allow them to game the public and policy holders.

[Sheryl]

Their clients holding COVID policies (premiums of which were low) are the least of the problem.

 

It is those with life insurance policies - in some cases,  paid into for decades - that are the big problem.

 

 

[matchar]

2 hours ago, Sheryl said:

Their clients holding COVID policies (premiums of which were low) are the least of the problem.

 

It is those with life insurance policies - in some cases,  paid into for decades - that are the big problem.

 

 

I have a life insurance policy with a different company (Thai Life) that I have paid a lot of money into for 4 years already...expecting to get the money back with interest after 15 years.

 

Should I be worried? AFAIK they didn't offer covid insurance.

[soalbundy]

14 hours ago, Sheryl said:

Their clients holding COVID policies (premiums of which were low) are the least of the problem.

 

It is those with life insurance policies - in some cases,  paid into for decades - that are the big problem.

 

 

The Thai Brakarn pay (ไทยประกันภัย) and the Thai Brakarn chiwit (ไทยประกันชีวิท....life insurance) are two different entities.