After an overwhelming number 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’ enterprise licenses. The decision was made efficient 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 under the authorized minimal. He noted the firms now have more liabilities than assets, and have unreasonably delayed compensation funds to their customers. He additionally claimed they’ve didn’t document compensation payments as required.
The secretary-general added that the OIC has been attempting exhausting to unravel the firms’, however hasn’t been profitable in doing so. He said the revocation of the licenses will affect solely the COVID-19 policy holders, while different life and non-life insurance coverage policies have been transferred to other providers.
The secretary-general stated the OIC and the General Insurance Fund might be liable for compensation payments of excellent claims for the 2 companies. The OIC has arrange advisory centres to obtain complaints and facilitate debt reimbursement requests.
The OIC will let prospects of each companies bring documentary proof to the fee and file for a claim. After receiving a request, the OIC pays for claims using reserves from the General Insurance Fund, according to the regulator.
SOURCE: บริการติดตั้งโซล่าเซลล์ราคาถูก | Bangkok Post