Thailand Insurance Industry – Governance, Risk and Compliance
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Thailand Insurance Industry Regulation Overview
Office of Insurance Commission (OIC) regulates the Thailand insurance industry along with other regulators and supervisors, including the International Association of Insurance Supervisors (IAIS), Thai General Insurance Association (TGIA), and the Thai Life Assurance Association (TLAA).
The Thailand insurance industry governance regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.
Key Regulators | · Office of Insurance Commission (OIC)
· International Association of Insurance Supervisors (IAIS) · Thai General Insurance Association (TGIA) · Thai Life Assurance Association (TLAA) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Liability Insurance · Personal Accident Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Thailand Insurance Industry – Key Regulators and Legislation
Office of Insurance Commission (OIC): The OIC was established in 2007 by the Insurance Commission Act 2007, under the supervision of the Department of Insurance of Thailand regulates the insurance industry. The Insurance Commissioner, the General Secretary, and the Assistant General Secretary head the OIC. The regulatory procedure is controlled by the Internal Audit Department and the Human Resource Department of the OIC to channel the necessary strategic planning and primary regulatory activities.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
A key laws and regulations governing the industry in Thailand are:
- Life Insurance Act, 1992
- Civil and Commercial Code
- Life Insurance Act, 1992, as amended in 2008
- Non-life Insurance Act, 1992
- Non-life Insurance Act, 1992 as amended in 2008
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Thailand Insurance Industry - Compulsory Insurance
A few of the compulsory insurances required within the Thailand insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Liability Insurance
- Personal Accident Insurance
Compulsory Insurances in Thailand
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Thailand Insurance Industry - Company Registration and Operation
A license is required to operate in the Thailand insurance industry. Section 68 of the Life Insurance Act 1992 and Section 63 of the Non-Life Insurance Act 1992 require agents and brokers to obtain authorization from the OIC to mediate products in the country. In addition, Section 17 of the Non-Life Insurance Act 1992 and Section 18 of the Life Insurance Act 1992 forbade all insurers and reinsurers from conducting business in Thailand, without first obtaining a license from the Minister of Commerce.
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Thailand Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Thailand. The other taxes imposed are corporate income tax, corporate capital gains tax, and value added tax.
Corporate Income Tax: In Thailand, corporate income tax applies to both domestic and foreign companies. A limited company, a public company, or a partnership company is considered a resident if it is incorporated in Thailand. Resident companies are taxed on both domestic and foreign income, while non-residents are taxed only on Thai-sourced income. A registered foreign branch or partnership is taxed at the same rate as a limited company but only on income earned in Thailand.
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Scope
- The report covers details of the insurance regulatory framework in Thailand.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Key Highlights
- The Thai insurance industry is regulated by the OIC.
- The foreign direct investment (FDI) regime of Thailand allows up to 49% foreign ownership in the country with permission from the OIC, which can be increased to over 49% with permission from the Ministry of Finance.
- Composite insurance is not permitted in Thailand.
- Motor third-party liability insurance and workmen’s compensation insurance are compulsory in Thailand.
- Non-admitted insurance is not permitted in the Thai insurance industry.
Reasons to Buy
- Get FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Thailand.
- Track the latest regulatory changes and expected changes impacting the Thailand insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Thailand insurance industry?
Office of Insurance Commission (OIC) is the key regulator of the Thailand insurance industry.
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Which other bodies oversee the Thailand insurance industry?
The International Association of Insurance Supervisors (IAIS), Thai General Insurance Association (TGIA), and the Thai Life Assurance Association (TLAA) are the regulatory and supervisory bodies that oversee the operations of the Thailand insurance industry.
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Which are the compulsory insurances required within the Thailand insurance industry?
A few of the compulsory insurances required within the Thailand insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, liability insurance, and personal accident insurance.
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What types of taxes are imposed upon the Thailand insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Thailand. The other taxes imposed are corporate income tax, corporate capital gains tax, and value added tax.
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