Thailand Office of Insurance Commission targets social media promotion of Singapore insurance, seeks account blocks and criminal action

The Thailand Office of Insurance Commission has taken action against individuals using Facebook, Instagram and TikTok to solicit Thai nationals to buy insurance policies from insurance businesses in Singapore. The regulator has asked the Monetary Authority of Singapore to examine whether the conduct breaches Singapore rules on business conduct or digital advertising, asked the Ministry of Digital Economy and Society to coordinate suspension or blocking of the social media accounts, and is preparing a criminal complaint with the Economic Crime Suppression Division. The Office of Insurance Commission said its review found posts and videos explaining how Thai consumers could buy life insurance from Singapore providers and claiming that more than 100 Thai customers had already done so. The advertising was described as targeting high-net-worth customers through themes such as estate planning, very large life insurance cover and promises of free life cover from savings products. Some of the individuals involved were identified as licensed non-life insurance brokers in Thailand, while others appeared in the Monetary Authority of Singapore database as financial advisers and insurance brokers under Singapore's Financial Advisers Act. The regulator said such conduct can mislead consumers about benefits and coverage, create a risk of claim denial, and leave policyholders without recourse through the Thai regulator while making cross-border legal enforcement difficult. It also said the conduct may constitute an offense under Thailand's Life Insurance Act, punishable by up to six months' imprisonment, a fine of up to THB 50,000, or both.