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OIC mulls rejig of Covid framework
published : 20 Jul 2021 at 04:00
The Office of Insurance Commission (OIC) is discussing with the Thai General Insurance Association (TGIA) tightening the interpretation framework for the conditions of Covid insurance contracts to protect consumers and prevent abuse of legal loopholes, said Suthiphon Thaveechaiyagarn, OIC s secretary-general.
Syn Mun Kong (SMK) cancelled the termination of the lump sum Covid 2-in-1 insurance on Sunday evening about two days after the company s announcement which drew huge criticism from customers and a strong reaction from the insurance regulator. We are rechecking the conditions of Covid insurance policies again to see whether there are any issues or wording which could put consumers at a disadvantage, said Mr Suthiphon.
Under-fire insurance company pledges to honour Covid policy commitments
Under-fire insurance company pledge.
Syn Mun Kong Insurance Plc (SMK), which came under fire for trying to renege on its Covid-19 policy commitments, on Saturday apologised for its actions.
The company also scrapped its announcement on Friday to end the “Covid 2 in 1” policy, also known as “Jer Jai Job”. Under the policy, a policyholder who tests positive for Covid is paid out immediately.
On Friday the company had said that the rapidly escalating Covid-19 situation in Thailand meant it was no longer able to manage the risk.
Syn Mun Kong said the premium for the coverage remaining on the policy would be returned to customers within 15 days of the cancellation.
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