OIC tightening rules for offering insurance policies through banks

OIC tightening rules for offering insurance policies through banks

BANGKOK, 12 October 2016 (NNT) – The Office of Insurance Commission (OIC) will be tightening banks' insurance policies, stressing that brokers must clearly state whether their transaction is an insurance or a deposit. 

The OIC’s Deputy Secretary General for Inspection Choochat Pramoonphol held a press conference together with the Thai Bankers' Association to advise banks on how to purchase and sell insurance, following complaints of misunderstanding between purchasers and brokers. 

The OIC has discussed with the Thai Bankers’ Association to set regulations and manage the sale of insurance policies through banks, while the Thai Bankers’ Association has confirmed that it will separate insurance services from bank deposit counters, he said. 

He added that the OIC is authoritzed punish insurance companies that refuse to comply with the new policy.

 

-- nnt 2016-10-12