The Office of Insurance Commission (OIC) was established in 2007
under the Thailand Government Insurance Commission Act, B.E. 2550.
The OIC has now been a regulator of the insurance industry for over
a decade, supervising all aspects of both life and nonlife
insurance, including their brokers and agents, under the
supervision of the Ministry of Finance and is administered by a
board of directors consisting of the permanent secretaries of the
ministries of finance and commerce, the secretary-general of the
Consumer Protection Board, the governor of the Bank of Thailand,
the secretary-general of the Securities and Exchange Commission,
and the secretary general of the OIC.
In 2016, the OIC amended the Life and Non-Life Insurance Acts
which repealed the current version of the Acts and all subsequent
amendments. This is a significant impact on the insurance industry.
The changes include the introduction of a requirement on change in
control, requirements for fit and proper
