The Thailand Office of Insurance Commission issued a registrar order requiring KWI Insurance Public Company Limited to commission a special audit and submit outstanding financial statements and related financial reports by 31 October 2568, warning that it will escalate legal action if deadlines are missed. The special audit must be prepared on a liquidation-basis framework and cover the existence, accuracy, completeness and reliability of the values of assets, liabilities and equity shown in the statement of financial position as at 31 July 2568. The company must appoint a different licensed auditor with insurance audit experience and actuarial expertise (or an actuarial team). The order also reiterates that the insurer must continue its temporary suspension of non-life underwriting under earlier registrar orders until further notice; while the firm has made progress including a THB 30 million paid-up capital increase and claim payments under settlement agreements, it has not fully submitted the required financial statements for financial year 2567 and the first quarter of 2568. The OIC stated that the order does not affect policyholder benefits or claim payments under policy terms.
Thailand Office of Insurance Commission 2025-09-03
Thailand Office of Insurance Commission orders KWI Insurance to run liquidation-basis special audit and file financial statements by 31 October
The Thailand Office of Insurance Commission requires KWI Insurance Public Company Limited to conduct a special audit and submit overdue financial statements by 31 October 2568, with potential legal action for non-compliance. The audit must follow a liquidation-basis framework, covering asset, liability, and equity valuations, and be conducted by a new auditor with insurance and actuarial expertise. The company remains under temporary suspension of non-life underwriting, despite some progress in capital increase and claim settlements.