The Office of the Insurance Commission (OIC) has established a committee to screen actuaries in Thailand and decide on their licences.
The committee, which deals with the suspension and revocation of the licences of errant actuaries, consists of OIC officials, representatives of industry associations, and academics. The panel is to consider and investigate acts of actuaries that may be grounds for the suspension or revocation of actuarial licences.
These include cases where actuaries, in calculating insurance reserves, fail to comply with operating standards, a lapse that may affect the adequacy of a company's insurance reserves.
The OIC has issued an order on the appointment of the committee. The regulator hopes that the appointment of such a committee will help maintain the high standards of actuarial practice in Thailand and contribute to the stable and sustainable growth of the insurance industry.