After an awesome variety of Covid-19 claims caused 2 of Thailand’s insurance coverage providers to owe billions of baht in compensation, Thailand’s finance minister has revoked the providers’ business licenses. The decision was made effective yesterday.
Fail-proof , Southeast Insurance, owes 13 billion baht in compensation, while the other, Thai Insurance, owes four.6 billion baht. The Secretary-General of the Office of the Insurance Commission says the insurance reserves and capital funding ratio of the two firms are beneath the authorized minimal. He noted the companies now have more liabilities than belongings, and have unreasonably delayed compensation payments to their customers. He also claimed they have failed to document compensation payments as required.
The secretary-general added that the OIC has been trying hard to unravel the firms’, however hasn’t been profitable in doing so. He said the revocation of the licenses will have an result on only the COVID-19 policy holders, whereas different life and non-life insurance coverage policies have been transferred to different providers.
The secretary-general stated the OIC and the General Insurance Fund might be responsible for compensation funds of excellent claims for the two firms. The OIC has set up advisory centres to obtain complaints and facilitate debt reimbursement requests.
No questions asked will let customers of each corporations convey documentary evidence to the fee and file for a claim. After receiving a request, the OIC can pay for claims using reserves from the General Insurance Fund, according to the regulator.
SOURCE: Thai PBS World | Bangkok Post