Thai insurance regulator assures policyholders amidst insurer shutdown

Southeast Insurance recently announced cessation of operations.

Thailand’s Office of the Insurance Commission assured consumers that coverage for policies given by Southeast Insurance is still in place amidst the recent announcement of the Thai insurer of shutting down its operations due to too many claims on its COVID-19 insurance policies.

The government watchdog said that it has yet to approve Southeast Insurance’s liquidation as they must follow Section 57 of the Non-Life Insurance Act citing that any non-life insurance company wishing to cease its business permit must submit a request to the regulator to protect the interest of its policyholders and other stakeholders.

The OIC said that although the insurer has already filed a request, it has yet to grant permission to the company meaning its closure is still pending.

The OIC’s statement comes on the back of Thai Group Holdings Plc, Southeast Insurance’s parent company, announcing to terminate its non-life insurance business on 26 January.