The Office of Insurance Commission (OIC) is seeking public
comments on their recently released draft guidelines on
Thailand's insurance regulatory sandbox. Once enacted, the
draft notification will replace the existing OIC insurance
regulatory sandbox notification, aiming to broaden the OIC's
authority in order to erase difficulties in the project approval
process that have arisen under the current notification.
One major change included in this draft notification is that
business operators are no longer allowed to conduct "own
sandbox" testing. Unlike the notification currently in effect,
the new draft notification also does not specify the criteria and
procedures for a business operator to apply for a temporary
allowance of non-compliance with non-material, test-obstructing
requirements in a notification or order from the OIC or the
registrar.
