OIC chief seeks balance in regulations
The newly appointed secretary-general of the Office of Insurance Commission (OIC), Sutthipol Taweechaikarn, aims to strengthen the insurance industry’s infrastructure base of regulations, businesses and consumers.
He plans to improve industry regulations by amending existing laws and creating new ones, while striking a balance with business operations and consumer protection.
Mr Sutthipol was appointed to the top position at the OIC on Nov 1, replacing Pravej Ongartsittigul.
The updated regulations will not pose barriers to doing business, but instead protect consumer rights properly.
For instance, the OIC plans to develop a new law, the Marine Insurance Act.
The office is preparing for the Asean Economic Community (AEC) by improving rules in accordance with other regional countries and pushing the Asean single market concept, Mr Sutthipol said.
“Thailand has high potential to expand insurance services in the region, particularly in Cambodia, Laos, Myanmar, and Vietnam,” he said.
“The OIC will join hands with regional insurance regulators and other related organisations, offering more convenience for business expansion in order to increase local business potential and competitiveness in the region.”
In the area of insurance products, the regulator will support better access for disadvantaged consumers such as lowerincome earners, farmers, the elderly and the disabled.
The insurance commission will also monitor the bancassurance channel in conjunction with the Bank of Thailand.
Industry stability is another key focus: the OIC will support insurers seeking to strengthen their capital base and pave the way for foreign insurers to jointly invest with local operators.
But mergers and acquisitions will not be the sole instrument for improving local businesses. Size does not matter because strong smaller companies can also survive, Mr Sutthipol said.
In the meantime, TQM Insurance Broker Co, a telesales-focused insurance broker, and Muang Thai Insurance have jointly launched TQM Motor for Lady products to provide extra coverage of up to 200,000 baht for surgery costs incurred from accidents and protection of up to 20,000 baht for assets stolen from insured cars.