New Risk Man­age­ment Reg­u­la­tions for In­sur­ance Com­pa­nies

Thai-American Business (T-AB) Magazine - - Legal Updates -

In the be­gin­ning of June 2016, the Of­fice of In­sur­ance Com­mis­sion ( OIC) re­leased a draft in re­gards to both non- life and life in­sur­ance com­pa­nies. The re­lease pre­sented re­quire­ments for in­ter­nal risk man­age­ment in in­sur­ance com­pa­nies. Due to these new pro­vi­sions, life and non- life in­sur­ance com­pa­nies must do the fol­low­ing: es­tab­lish a risk com­mit­tee, es­tab­lish a risk man­age­ment func­tion, ap­point a risk of­fi­cer, sub­mit a risk man­age­ment frame­work and pol­icy, sub­mit a three- year busi­ness plan and ar­range train­ing ses­sions for em­ploy­ees. It also noted im­por- tant roles and re­spon­si­bil­i­ties of au­dit com­mit­tees and in­ter­nal au­dit units. The draft is cur­rently in the process of pub­lic hear­ing and will be im­ple­mented at the end of 2016.

For more in­for­ma­tion con­tact Tilleke & Gib­bins at athistha. c@ tilleke. com.

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