The Thailand Office of Insurance Commission (OIC) convened the first OIC Meets CEO 2025 meeting with insurance industry leaders, reviewing follow-through from 2024 commitments and setting an agenda for regulatory, operational and market-development work across 2025. Updates covered progress on developing an Examination Form and related approval timelines, the Ignite Finance financial hub project including agreement that insurers or reinsurers established under the project may transfer risk or place reinsurance with domestically licensed insurers, and joint work to improve professional examinations and training curricula. The programme also included proposed improvements to agent and broker licensing processes (including the possibility of issuing licences immediately after examinations and training and enabling status changes between broker and agent licences), data-quality controls for submissions to IBS Non-Life and IBS Life, and a phased “Open Data for Consumer Empowerment” plan starting with “Open Insurance” connectivity within the insurance sector in 2025 and expanding to broader cross-sector “Open Data” usage in 2026. The meeting also referenced amendments to rules on publicising legal breaches and reinforced expectations that insurers supervise intermediaries and submit evidence to OIC where sales are directed to unlicensed foreign insurers. Looking ahead, OIC and industry agreed to progress work on enhancing the early-warning system (EWS) and disclosure of risk-based insurer groupings, setting service level agreement (SLA) time standards, revising rules on investing in other businesses, strengthening the Road Accident Victims Protection system, and developing an insurance fraud or suspected-fraud database. The forward supervisory agenda also spans group-wide supervision at solo consolidation level, review of risk-based capital requirements, enhanced supervision and examination of Enterprise Risk Management and Own Risk Solvency Assessment (ERM-ORSA), improvements to complaint handling and dispute resolution, and updates to information-technology and cyber-threat readiness assessment frameworks (CRAF), with industry associations scheduled to meet monthly on Open Insurance design and to hold joint discussions with OIC every two months.
Thailand Office of Insurance Commission 2025-01-16
Thailand Office of Insurance Commission aligns with industry CEOs on 2025 priorities including open insurance data, group-wide supervision and capital rules review
The Thailand Office of Insurance Commission held the first OIC Meets CEO 2025 meeting, setting a regulatory and market-development agenda. Key updates included progress on the Ignite Finance project, licensing improvements, and the phased "Open Data for Consumer Empowerment" plan. Future initiatives will focus on enhancing early-warning systems, revising investment rules, and strengthening fraud databases and cyber-threat readiness.