Crisis at billionaire Charoen s insurance firms rattles industry bangkokpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bangkokpost.com Daily Mail and Mail on Sunday newspapers.
The Office of the Insurance Commission (OIC) has vowed to tighten its supervision to restore public confidence in the industry, which has been hit by cash crunches during the prolonged pandemic.
The Office of the Insurance Commission (OIC) unanimously ruled against revoking an order that bans insurance companies from cancelling Covid-19 lump sum payments, saying it would be unfair to the policyholders.
The Finance Ministry has revoked the business licence of The One Insurance, formerly known as Assets Insurance, after it failed to raise its capital to solve its liquidity issue and settle Covid-19 insurance claims for lump sum payments.