After an awesome variety of Covid-19 claims triggered 2 of Thailand’s insurance coverage providers to owe billions of baht in compensation, Thailand’s finance minister has revoked the providers’ enterprise licenses. The determination was made effective yesterday.
One supplier, Southeast Insurance, owes 13 billion baht in compensation, whereas the opposite, Thai Insurance, owes four.6 billion baht. The Secretary-General of the Office of the Insurance Commission says the insurance coverage reserves and capital funding ratio of the 2 corporations are beneath the legal minimum. He famous the companies now have extra liabilities than belongings, and have unreasonably delayed compensation funds to their clients. He additionally claimed they have did not report compensation payments as required.
The secretary-general added that the OIC has been attempting onerous to resolve the firms’, however hasn’t been profitable in doing so. He mentioned the revocation of the licenses will affect solely the COVID-19 coverage holders, while other life and non-life insurance coverage policies have been transferred to other suppliers.
The secretary-general stated the OIC and the General Insurance Fund might be liable for compensation funds of excellent claims for the 2 corporations. The OIC has arrange advisory centres to receive complaints and facilitate debt reimbursement requests.
The OIC will let customers of each corporations bring documentary evidence to the fee and file for a claim. After receiving a request, the OIC will pay for claims utilizing reserves from the General Insurance Fund, based on the regulator.
SOURCE: ผลไม้ของฝาก | Bangkok Post