Thailand Insurance Industry – Governance, Risk and Compliance
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Thailand Insurance Industry Report Overview
The Thailand insurance industry is regulated mainly by the Office of Insurance Commission (OIC). Other bodies that oversee the industry are the IAIS, the Thai General Insurance Association (TGIA), and The Thai Life Assurance Association (TLAA).
The Thailand insurance industry research report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, health, marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Moreover, it includes the scope of non-admitted insurance in the country.
Key Regulators | · Office of Insurance Commission (OIC)
· International Association of Insurance Supervisors (IAIS) · Thai General Insurance Association (TGIA) · The Thai Life Assurance Association (TLAA) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability 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): It 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 represents regulators and supervisors of 190 jurisdictions in more than 140 countries. It formulates and issues various global principles, standards, and guidance provides training and support on issues related to supervision and organizes meetings and seminars for supervisors. The primary objectives of the IAIS are to promote effective and globally consistent supervision of the industry to develop and maintain a fair, safe, and stable market for the benefit and protection of policyholders, and to contribute to global financial stability.
The key laws and regulations in the Thailand insurance industry are as follows:
- Life Insurance Act, 1992
- Civil and Commercial Code
- Life Insurance Act, 1992, as amended in 2008
- Non-life Insurance Act, 1992
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Thailand Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Thailand insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
Thailand Insurance Industry Analysis by Compulsory Insurances
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Thailand Insurance Industry - Company Registration and Operation
A license is required to operate in the Thailand insurance industry. 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. On the other hand, 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.
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Thailand Insurance Industry - Taxation
The different types of taxes in the Thailand insurance industry are tax on insurance premiums, 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 as 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 in the country’s insurance regulatory framework.
- The report analyzes the rules and regulations about 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 country’s insurance industry is regulated by the OIC.
- 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
- Provides 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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Who are the key regulators of the Thailand insurance industry?
The Thailand insurance industry is regulated mainly by the Office of Insurance Commission (OIC).
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Which other bodies oversee the Thailand insurance industry?
Other bodies that oversee the Thailand insurance industry are IAIS, the Thai General Insurance Association (TGIA), and the Thai Life Assurance Association (TLAA).
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What are the compulsory insurances in the Thailand insurance industry?
Some of the key compulsory insurances required within the Thailand insurance industry are motor third-party liability insurance, aviation liability insurance, and marine liability insurance.
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What are the types of taxes imposed in the Thailand insurance industry?
The different types of taxes in the Thailand insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value added tax.
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