The Thailand Office of Insurance Commission (OIC) published an update on its supervision of Thai Life Assurance Public Company Limited following a fraud case involving a life insurance agent, focusing on remedies for insured and affected persons and improvements to the insurer’s control framework. After a meeting with the company’s senior management, the OIC pressed for prompt, fair remediation and required enhancements to risk management, internal controls and legal compliance to prevent recurrence. The company has expedited fact-finding and arranged negotiations with insured and affected persons, offering measures including reimbursement, premium refunds and alternative options. Remediation has been concluded in 70 of 81 cases, with the remaining cases still under negotiation or unresolved; the OIC instructed the company to bring these to a conclusion promptly and in good faith. For any agents found to have acted dishonestly, the company is expected to apply its internal processes and regulations and pursue strict legal action. On systems and prevention, Thai Life Assurance reported revising operational guidelines, including announcing the cancellation of cash premium payments through agents for new policies, and promoting use of its application for policy status and payment transaction checks. The OIC will continue close and ongoing monitoring of risk transactions and agent fraud risk and has required continuous progress reporting.

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