The Thailand Office of Insurance Commission (OIC) held a seminar on upgrading supervision and inspection of the insurance sector, outlining its supervisory priorities as firms adapt to Thai Financial Reporting Standards 17 (Insurance Contracts), which has been in force since 1 January 2025. Key elements include an OIC Supervisory Framework and an Early Warning System (EWS) to systematically screen and assess insurers’ risk levels. The OIC also stressed that ERM/ORSA reports should evidence genuine risk governance rather than be prepared solely for submission, and indicated that insurers are required this year to set a clear risk appetite to anchor risk management and support progress toward EWS “Group 1” status across the sector. The seminar additionally provided feedback on SAQ RCM and Examination Form assessments and highlighted supervisory expectations for improvements in internal control, internal audit, risk management, financial soundness and legal compliance. The OIC also flagged plans to move to group-wide supervision on a full-consolidation basis from the first quarter of 2026 to reflect increasing group structures in the market, with the approach framed as enabling greater investment flexibility under a tighter control framework.

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