The Thailand Office of Insurance Commission (OIC) has rolled out a new Examination Form to strengthen risk-based supervision of insurance companies by requiring regular self-assessments of the board, board subcommittees and key control functions, with the stated aim of improving governance, compliance and policyholder protection. The form has nine assessment areas covering the board of directors, audit committee, risk management committee, insurance product committee, investment and credit committee, and the internal audit, risk management, actuarial and compliance functions. Insurers must complete and submit the form every quarter, with certain questions requiring supporting documentation. Responses relating to key control functions must be reviewed by the relevant overseeing subcommittee and certified by its chair, while responses for subcommittees and the board must be reviewed by the full board; all sections must be circulated to all directors and certified by the board chair before submission. OIC’s inspection function will use results alongside existing tools such as the enterprise-level Self-Assessment Questionnaire and the Risk and Control Matrix to inform risk assessment and subsequent supervisory measures. The first submission is required for the first quarter of 2025, with insurers instructed to file the completed form with the OIC by 31 March 2025.
Thailand Office of Insurance Commission 2025-02-25
Thailand Office of Insurance Commission introduces quarterly Examination Form for insurer governance oversight starting Q1 2025
The Thailand Office of Insurance Commission has introduced a new Examination Form to enhance risk-based supervision of insurance companies, mandating quarterly self-assessments of governance and key control functions. The form covers nine assessment areas, requiring board and subcommittee reviews and certifications. Results will inform the OIC's risk assessment and supervisory measures.