The insurance regulator of Thailand, the Office of the Insurance Commission (OIC), met with representatives from the Bank of Thailand to discuss legal proceedings against individuals or companies not permitted to conduct business, which will be applied to cases where the perpetrators are unauthorised banks.
As part of the discussion, the OIC’s principles and procedures regarding prosecutions against those operating insurance businesses without a license and those acting as unlicensed insurance intermediaries were also brought up.
At present, the PIC enforces the law and takes criminal and administrative actions against offenders. According to the regulator, this is achieved by utilising IT and IRIS systems to analyse, detect and report behaviour that may constitute insurance fraud.
“Currently, criminal offenses, both in financial and insurance transactions, have become increasingly complex, resulting in billions of baht in total damages,” said OIC deputy secretary-general for legal affairs and inspection Adisorn Pipatvoraphong.
“Legal action must be rigorous and timely to build public confidence in Thailand’s economy.”