The Thailand Office of Insurance Commission (OIC) published an update on the remediation of the financial position of KWI Life Insurance Public Company Limited, confirming the insurer has completed the required capital increases within the deadlines set under registrar orders. Using powers under Section 53 of the Life Insurance Act, the registrar (with OIC Board approval) issued an order on 29 November 2024 requiring the company to increase paid-up registered capital or raise additional funds within specified timeframes. The registrar later extended the first capital increase tranche of at least THB 95 million to 28 February 2025, which the company completed within the deadline. For the second tranche of at least THB 20 million, the company requested a seven-working-day extension to no later than 11 March 2025 to allow time to compile subscriptions from minority shareholders after receiving funds from the major shareholder; the registrar approved the extension on 4 March 2025 and the company completed the tranche on 10 March 2025. The OIC also noted the extension order did not affect policyholder rights, and claims remain payable under policy terms. KWI Life Insurance remains subject to the registrar’s 29 November 2024 order unless amended. The OIC indicated it will take necessary legal measures if the company fails to follow the plan or if conduct potentially breaches the law.
Thailand Office of Insurance Commission 2025-03-18
Thailand Office of Insurance Commission confirms KWI Life Insurance completed staged capital increases of at least THB 95 million and THB 20 million
The Thailand Office of Insurance Commission confirmed KWI Life Insurance Public Company Limited completed required capital increases, meeting deadlines under Section 53 of the Life Insurance Act. The company fulfilled the first tranche of THB 95 million by 28 February 2025 and the second tranche of THB 20 million by 10 March 2025, following an approved extension. The OIC stated policyholder rights remain unaffected and warned of legal measures if the company deviates from the plan or breaches the law.