Insurance Regulation In Thailand

01 | The regulator

The Office of Insurance Commission, under the supervision of the Ministry of Finance (OIC) regulates insurers, brokers and agents.

02 | Subsidiary/branch

Both are permitted for an insurer; however the OIC's current policy is not to grant new licences for either on the basis that the insurance company market requires consolidation.

Brokers can be individuals or a legal entity in Thailand. Only individuals can be insurance agents.

03 | FDI restrictions

Insurance and reinsurance companies

• up to 25 per cent less one share permitted
• up to 49 per cent with approval of the OIC
• above 49 per cent with approval of the Minister of Finance

On January 18, 2017, the Ministry of Finance issued a notification which sets out the requirements to be met when applying for an approval (ultimately issued at Ministerial discretion) to allow >49 per cent foreign shareholding. These include the following: (i) demonstrating a sufficient