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Thai insurance regulator urged to rescind order forbidding cancellation of COVID insurance policies
14 Sept 02:04 Key points summarised by AI
- The Thai General Insurance Association (TGIA) is pressuring the Office of Insurance Commission (OIC) to reverse its order preventing insurers from cancelling "Found, Paid, Done" COVID-19 policies.
- TGIA warns that current COVID-19 claims, totaling 37 billion baht and projected to reach 40 billion baht, threaten to bankrupt insurance companies and deplete the national Insurance Fund.
- Insurers argue policy cancellations are essential as claims far exceed the fund's capacity, citing the unprecedented nature of COVID-19 with no prior statistical data for risk assessment.
- The association indicates that if the OIC order is not revised, insurance companies may pursue legal action through the Central Administrative Court for emergency protection.
