The Thailand Office of Insurance Commission (OIC) hosted a delegation from the Embassy of Japan in Thailand and representatives of Japanese insurers operating in Thailand, with the OIC Secretary-General setting out policy directions to raise the Thai insurance sector’s transparency and stability and align supervision with international standards. The agenda centred on risk-based supervision, stronger insurer governance, and policyholder protection. The OIC highlighted work to make products and market mechanisms better reflect underlying risk, including promoting named-driver motor insurance, developing a no-claim bonus discount structure, and introducing co-payment in health insurance to help manage rising medical costs alongside plans for a national health data foundation. On supervision, the OIC is developing tools that integrate Enterprise Risk Management (ERM) and Own Risk and Solvency Assessment (ORSA) information, building a risk heatmap to support more forward-looking oversight, and considering a risk-based grading framework linked to firms’ risk profiles and governance quality. It also flagged planned rule changes to require premium payments to be made directly between policyholders and insurers to increase transparency and reduce intermediary-related operational risk, and is reviewing how to make product governance more agile while maintaining consumer protection; disaster-risk work includes studying options such as a national disaster fund mechanism or industry-level risk-sharing arrangements. The direct premium payment requirement is expected to take effect in 2027, while the supervisory tooling, product governance adjustments, and disaster-risk mechanisms remain under development or study.
Thailand Office of Insurance Commission 2026-04-27
Thailand Office of Insurance Commission outlines 2027 direct premium payment rule and broader risk-based supervision reforms
The Thailand Office of Insurance Commission outlined plans to enhance transparency, stability and international alignment of insurance supervision in discussions with Japanese representatives. Key initiatives include promoting more risk-reflective products, developing ERM and ORSA-based supervisory tools and a risk heatmap, and considering a risk-based grading framework. The authority is also preparing rules for direct premium payments between policyholders and insurers, reviewing product governance, and studying disaster-risk mechanisms such as a national disaster fund or industry risk-sharing arrangements.