All insurance companies and brokers offering policies to businesses or persons situated in Thailand are required to be registered with the Office of Insurance Commission (OIC) (Formerly known as Department of Insurance) and the Ministry of Finance. The OIC can assist policyholders in resolving disputes with insurers over coverage and claims. In addition, the OIC has duty to control the use of insurance policy forms and all insurers are required to use only specifically approved forms.

Insurance brokers licensed by the OIC are permitted to conduct direct broking business only with insurers licensed by the OIC. Reinsurance brokers are able to conduct reinsurance broking with insurers abroad as permitted by the OIC’s regulation. Marsh PB Co., Ltd. (Marsh PB) is licensed as both an insurance broker and a reinsurance broker and can assist with both direct placements and reinsurance placements on life and non-life business.

The Life and Non-Life Insurance Acts of 1992 and its amendment by the Act in 2008 provide the regulatory framework for the insurance industry in Thailand.

Thailand has approximately 72 licensed property and casualty insurers and 25 licensed life insurers registered with the OIC. Non-life insurance premiums income was estimated at Baht 76 billion for the year 2007. More than 50% of this is represented by automobile insurance premiums. Life insurance premium income was Baht 201 billion for the year 2007.(Information Source : www.oic.or.th)

Many global insurers are represented in Thailand and several Thai insurers have affiliations with foreign insurers. Many Thai insurers are owned partially by banks or finance companies.

Thailand has only two forms of statutorily required insurance: workmen's compensation and Motor Compulsory Insurance known as the Victim's Accident Compensation Fund. The latter is popularly called motor vehicle third party liability insurance, although in reality it is more like a very limited no-fault medical expense scheme. In February 2009, the new Product Liability Act was passed to protect consumers against defective or unsafe products.

Please do feel free to contact Marsh PB for a comprehensive list of insurance solutions to consider in relation to your particular risk exposures. In most instances a cost-effective solution can be identified and implemented.