The Office of Insurance Commission (OIC) is intensifying supervision of KWI Insurance, ordering the company to conduct a special audit and submit its financial statements by October 31.
The OIC has warned that legal action will be taken if the deadline is not met but stressed that the registrar’s order will not affect the public.
According to a report from the OIC, Registrar Order No. 53/2025 requires KWI Insurance to prepare and submit a special audit report and provide financial statements for 2024 and the first quarter of 2025 by the October 31 deadline.
The move aims to protect policyholders and strengthen regulatory oversight.
The OIC also continues to monitor KWI Insurance Public Company Limited, which directed the company to rectify its operations, including temporarily halting non-life insurance underwriting.
While KWI Insurance has made some progress such as registering a paid-up capital increase of THB30m and compensating insureds under a memorandum of understanding, the company has yet to submit complete financial statements and related reports as required under Registrar’s Order No. 12/2025.