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Regulator says insurer suffering massive loss over COVID claims cannot close down yet

13 Sept 07:43 Key points summarised by AI

Thailand's Office of Insurance Commission (OIC) declared that Southeast Insurance Company, despite its parent company's decision due to massive COVID-19 claim losses, cannot close down without OIC permission.
Citing Section 57 of the Non-Life Insurance Act, the OIC emphasized that official approval is mandatory to protect policyholders and other stakeholders.
The OIC will impose strict conditions before granting closure permission, including notifying policyholders, transferring financial reserves for outstanding claims, and defining the management of legal obligations.
Southeast Insurance remains legally operational, with the OIC actively monitoring the situation to safeguard the interests of all insured parties and beneficiaries.

Today 11:38 Key points summarised by AI

The Cabinet approved a new Bt50-billion 'A House for Each PLUS' home loan scheme from the Government Housing Bank, offering up to Bt3 million with 40-year repayment terms for low- and middle-income earners.
This initiative aims to significantly boost the property sector and national economy, projecting to generate Bt125 billion in economic activity and create jobs.