It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Thailand, including:
- An overview of the insurance regulatory framework in Thailand.
- The latest key changes, and changes expected in the country’s insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Thailand.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.
- The report covers details of the insurance regulatory framework in Thailand.
- The report contains details of the rules and regulations governing insurance products and entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and companies.
Reasons To Buy:
- Gain insights into the insurance regulatory framework in Thailand.
- Track the latest regulatory changes, and expected changes impacting the Thai insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
- The Thai insurance industry is regulated by the OIC.
- Thailand's foreign direct investment regime allows up to 49% foreign ownership in the country with permission from the OIC, which can be increased over 49% with the permission from the Ministry of Finance.
- Composite insurance is not permitted in Thailand.
- Motor third-party liability insurance and workmen’s compensation insurance are compulsory in Thailand.
- Non-admitted insurance is not permitted in the Thai insurance industry.
1.1 What is this Report About?
2 Governance, Risk And Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Workmen’s compensation insurance
2.4.3 Aviation liability insurance
2.4.4 Liability insurance for transportation of hazardous substances
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors (IAIS)
2.5.2 Office of Insurance Commission
2.5.3 Thai General Insurance Association (TGIA)
2.5.4 The Thai Life Assurance Association (TLAA)
2.6 Non-Admitted Insurance Regulations
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.9 Legal System
2.9.2 Access to court
2.9.3 Alternative dispute resolution
List of Tables:
Table 1: Insurance Industry Definitions
Table 2: Thailand - Insurance Regulatory Framework Key Features
Table 3: Thailand - Life Insurance Regulatory Framework
Table 4: Thailand - Property Insurance Regulatory Framework
Table 5: Thailand- Motor Insurance Regulatory Framework
Table 6: Thailand - Liability Insurance Regulatory Framework
Table 7: Thailand - Stamp Duty on Insurance Policies
Table 8: Thailand - Corporate Tax Rates for the Financial Year 2017
List of Figures:
Figure 1: Thailand - Insurance Supervision and Control at Various Levels
Figure 2: Thailand - Insurance Regulatory Frameworks for Company Registration and Operation