Thailand Opens Public Hearing On Amended Reporting Requirements For Insurance Companies

Thailand's Office of Insurance Commission (OIC) has opened a public hearing period on its amendments of notifications concerning the timeframe for an insurance company to submit its annual financial statements and financial and operating reports (called "XML reports"). The amended notifications also require insurance companies to submit some data sets from the quarterly capital maintenance reports and XML reports to the OIC in advance, before the full reports are submitted.

Key changes in these amended notifications are summarized below.

Financial Statements

Audited annual financial statements will need to be submitted to the OIC within two months from the last day of each calendar year (i.e., by the end of February of the following year), instead of within four months as currently required.