The Thailand Office of Insurance Commission issued a Registrar’s order requiring KWI Life Insurance Public Company Limited to take additional corrective actions under the Life Insurance Act, including commissioning a special audit and submitting specified audited and reviewed financial statements and related reports by 31 October 2025. The additional requirements follow earlier directions to remedy the company’s financial condition and operations. KWI reported progress including raising THB 40 million on 29 May 2025 and calling back a secured loan to a related business that had been extended without the Registrar’s permission, with full principal and interest repaid by 31 July 2025. After these actions, the company submitted July 2025 financial projections indicating its capital adequacy ratio met legal requirements and that statutory reserves and asset allocation for insurance liabilities were in place, but it remained unable to file certain financial statements and reports because they were still under audit and review, with further work underway to correct accounting records. The new order requires a company-only special audit on a liquidation basis covering the existence, completeness and valuation reliability of assets, liabilities and equity as at 31 July 2025, performed by a different auditor with insurance-sector experience and actuarial expertise, and also requires submission by 31 October 2025 of the audited 2024 financial statements and capital maintenance report, reviewed first-quarter 2025 financial statements and capital maintenance report, and corrected monthly and quarterly financial status reports for January, February and the first quarter of 2025. The company remains subject to prior Registrar orders until amended, and the Registrar indicated it may escalate supervisory action under statutory powers if KWI fails to comply within the deadlines or if further potential breaches are identified. KWI may appeal to the Insurance Business Commission within 15 days of acknowledging the order.
Thailand Office of Insurance Commission 2025-09-03
Thailand Office of Insurance Commission orders KWI Life Insurance to commission a special audit and file financial reports by 31 October 2025
The Thailand Office of Insurance Commission has mandated KWI Life Insurance Public Company Limited to undertake additional corrective actions under the Life Insurance Act, including a special audit and submission of audited financial statements by 31 October 2025. Despite progress in improving its financial condition, KWI remains unable to file certain reports due to ongoing audits. The Commission may escalate actions if compliance is not met, with KWI having the option to appeal within 15 days.