Two COVID-hit insurers closedBUSINESS: The Finance Ministry has revoked the business licences of Southeast Insurance and Thai Insurance, effective as of yesterday (Apr 1), after the two companies were declared financially incapable of paying outstanding claims, according to the Office of the Insurance Commission (OIC). CoronavirusCOVID-19By Bangkok PostSaturday 2 April 2022, 04:13PMPolicyholders who have not received compensation from their insurers gather at the Office of the Insurance Commission to file complaints in mid-March. After revocation, only holders of COVID insurance policies with lump-sum payments will be affected because policyholders of other insurance products have already been transferred to other insurers. After receiving a request, the OIC will pay for claims using reserves from the General Insurance Fund, according to the regulator. The OIC said the closure of the two insurers will have a limited effect on the industry as a whole, and confirmed that the sector remains financially stable.

Source: Forbes April 02, 2022 15:26 UTC