The Thailand Office of Insurance Commission has strengthened its supervision of insurance companies by requiring all insurers to complete and submit an Examination Form assessing the performance of the board, board subcommittees and key control functions, and by using the results in governance risk assessment and the company’s Composite Risk Rating. The Examination Form focuses on the inspection and monitoring of key legal compliance risks under the OIC framework. Insurers must submit the completed form with supporting documents, with responses reviewed and certified through relevant subcommittees and ultimately approved and signed off by the board chair after circulation to all directors. Follow-up on submissions found most insurers broadly compliant, but identified deficiencies at some firms in areas including oversight of independent directors, board performance evaluation, board-level monitoring of the risk management committee’s work, and effectiveness assessments of the insurance product committee, prompting the OIC to instruct the relevant companies to remediate. All insurers submitted the Quarter 2/2025 Examination Form round by 30 June 2025, and the OIC is consolidating results and considering future submission cycles to better align with each company’s risk profile.
Thailand Office of Insurance Commission 2025-07-31
Thailand Office of Insurance Commission links insurers’ Examination Form governance assessments to Composite Risk Rating
The Thailand Office of Insurance Commission has enhanced its supervision of insurers by mandating the submission of an Examination Form to assess governance and risk management. The form evaluates board performance and compliance risks, with findings revealing general compliance but some deficiencies in oversight and evaluation processes. The OIC is reviewing submissions and considering future cycles to align with insurers' risk profiles.