The Thailand Office of Insurance Commission has approved the removal of Sunday Insurance (Thailand) Public Company Limited from mandatory supervisory measures imposed under Section 52 of the Non-Life Insurance Act, cancelling the registrar orders that had placed the company under those measures. The decision followed evidence that the insurer’s capital adequacy ratio and its allocation of assets to cover liabilities and insurance contract obligations comply with legal requirements, and that it has remedied the financial and operational issues addressed in the registrar’s earlier orders dated 27 October 2023 and 24 November 2023. The company was instructed to continue operating in strict compliance with the non-life insurance legal framework. The Office will continue to closely monitor the insurer’s financial position and expects the company’s board, subcommittees and control functions to track performance and provide ongoing reports, including on capital, liquidity, internal controls and risk management.
Thailand Office of Insurance Commission 2025-03-05
Thailand Office of Insurance Commission lifts Section 52 mandatory measures on Sunday Insurance (Thailand) and revokes prior registrar orders
The Thailand Office of Insurance Commission has lifted supervisory measures on Sunday Insurance (Thailand) Public Company Limited, citing compliance with capital adequacy and asset allocation requirements. The insurer is required to adhere to the non-life insurance legal framework, while the Office will maintain close monitoring of its financial position and governance.