The OIC prohibits the company from canceling the policy.
The OIC prohibits the company from canceling the policy.
The OIC issued an announcement to protect the people in the severe Covid-19 situation, tightening the criteria “Prohibiting insurance companies from canceling insurance against COVID-19” and ordering “Sin Mankong” to return to protect the insured as before. July 16, 19. Mr. Suthiphon Thaweechaikarn, Secretary-General of the Office of Insurance Commission (OIC) issued an announcement to cancel the conditions for exercising the right to cancel insurance policies by companies in the COVID-19 insurance policy for companies. Non-life insurance stated that “According to the epidemic situation of coronavirus disease 2019 (COVID-19) around the world and Thailand, the government has taken preventive measures to reduce the likelihood of the spread of coronavirus disease 2019 (COVID-19) in places. places with high risk including there may be any other measures associated with the disease in the future For fairness and alleviating suffering for the insured from the epidemic situation and to protect the benefits of the insured and the public, including to enhance confidence in the insurance business system as a whole, by virtue of Section 29 paragraph two of the Non-Life Insurance Act B.E. 2535, the Registrar has issued an order as follows: the following Article 1 This order is called ‘Order of the Registrar No. 28/2564 regarding the cancellation of the conditions The right to cancel the insurance policy by the company In the COVID-19 insurance policy for non-life insurance companies’ Article 2 in this order ‘COVID-19 Insurance Policy’ means the insurance policy, insuring agreement or attachment. that provides protection for the coronavirus disease 2019 (COVID-19) ‘Company’ means a public limited company that has been licensed to undertake insurance business. casualty under the law on non-life insurance and includes branches of non-life insurance companies Foreigners who have been licensed to undertake non-life insurance business in the Kingdom under the law on non-life insurance Clause 3 to cancel the conditions for exercising the right to cancel the insurance policy by the company For COVID-19 insurance policies that the company has been approved by the registrar and the COVID-19 insurance policy that the company has issued to the insured before the date of this order and remains in force unless there is clear evidence to the company that the insured has acted Fraudulent or fraudulent insurance for self or others to benefit from this insurance. From now on, the order is dated July 16, 2021.
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