Thailand's insurance regulator, the Office of the Insurance Commission (OIC), held a meeting with the Thai Life Insurance Association, to discuss ways to amend and improve subordinate legislation related to insurance fraud.
The main purpose of the meeting was to jointly consider amending and improving the “Registrar's Announcement of 2021” to align with current circumstances. The focus was on creating clarity and accuracy in data organisation, raising the operational standards of life insurance companies to the highest level of accuracy, reducing data inaccuracies that could affect the public and industry personnel, as well as promoting the use of a standardised database system for transparency and auditability.
The meeting also emphasised the importance of risk management coupled with strict confidentiality and protection of individual rights, to maintain business stability while respecting the fundamental rights of the public.
According to a release from the Thai Life Insurance Association, this collaboration in developing laws and data management regulations may help protect the interests of policyholders and ensure fairness in the investigation process.
In turn, this will enhance public confidence and support the strong growth of the Thai life insurance business, solidifying its position as a key resource for public risk management.