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The Board of Governors ordered "Asia Insurance" to temporarily suspend insurance.

Dr. Sutthiphon Thaweechaikarn, Secretary-General of the Insurance Commission (OIC), revealed that the meeting of the Insurance Commission (OIC) No. 10/2564 when On September 23, 2021, it was resolved to approve the Company Asia Insurance 1950 Public Company Limited temporarily suspends non-life insurance. From September 23, 2021 onwards, from the circumstances and evidence to the Registrar that Asia Insurance 1950 Public Company Limited (Public) has an unstable financial position. with the provision of liabilities exceeding the assets insufficient liquidity Claims And it appears that the capital adequacy ratio may be lower than the criteria prescribed by law. making it impossible to ensure that the company Have the ability to pay debts according to obligations to the insured or the public There is a late payment of compensation. which constitutes a violation or failure to comply with the notification of the Ministry of Commerce regarding the rules, procedures and periods that are considered to delay the payment of compensation or delay the return of insurance premiums of non-life insurance companies And there are still a lot of accrued claims that affect the position and operation of the company. as well as the reputation and credibility of the insurance business There is an act that violates the law by offering insurance policies that do not conform to the forms and statements approved by the registrar

From the fact that such evidence appears The registrar is of the opinion that Asia Insurance 1950 Public Company Limited has a status or operation in a manner that may cause damage to the insured or the public. to provide supervision and to follow up on solving problems of the Company's status and operations in all aspects It covers both financial stability monitoring and accurate and transparent operational transactions. This will enable the company to operate business sustainably. including preventing damage to the insured and the public in the future The OIC has carefully considered the above circumstances and evidence. approved the registrar to exercise powers under Section 52 of the Insurance Act B.E. 2535 and amendments by ordering the company Asia Insurance 1950 Public Company Limited temporarily suspends non-life insurance. Do not move or dispose of the property. and allow the company to expedite the resolution of financial and operating problems by stipulating various conditions for the Company to proceed as follows: 1. Increase capital or amend the financial position to be sufficient for the obligations. and provide an adequate capital adequacy ratio as prescribed by law within 30 days from the date of receiving the order. Provides progress reports every 7 days. 2. Prepare a summary report of the insurance policy that the company will have to pay compensation to the insured, such as the insurance policy number. Insured name Amount to be indemnified and submit the report to the OIC every business day from the date of acknowledgment of the order and record the entries in the register book, account book, calculate and maintain the insurance reserve to be correct and complete according to the law. 3. Record the list of claims in the register showing correct, complete and up-to-date claims within the time specified by law. 4. Accelerate the payment of compensation under the insurance contract to the insured within the period specified by law.

Issuing the said registrar's order will help the OIC to fully protect the benefits of the people by gaining full control over the company and managing the problem of compensation payment more efficiently. by ordering to the inspection line and the benefit protection line as well as OIC offices across the country, inspecting branches/representative offices of the Company Asia Insurance 1950 Public Company Limited located in the area of ??responsibility and to notify the temporary cessation of non-life insurance In order to prevent insurance companies/agents/brokers from selling new policies during the cessation of insurance, as well as an order to appoint a staff member to be stationed at the company To supervise the company to act according to the conditions as prescribed by the registrar As for the performance of duties of the Company's directors and executives, the OIC will continue to investigate the performance of duties if found to have committed an offense. will proceed with strict legal measures Therefore, people are asked not to worry. Because the company still has to pay compensation as usual. And the insurance industry as a whole has no systemic risk. Contact the OIC hotline 1186 or www.oic.or.th.

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TIC Thai Insurance delivers PA 365 policies totaling 4,000 policies.

Dr. Mahatana Ampornpisit, Managing Director of Thai Insurance Public Company Limited, one of the insurance business lines of Thai Group, revealed that after having supported savings with the Govt., ready to offer benefits to members in 2020 until Received a good response that this year, TIC Thai Insurance is very pleased to join forces with the NCPO once again to encourage Thai people to especially those who are self-employed, who have savings, create a pension system to have money to spend after retirement age after 60 years old TIC Thai Insurance has always emphasized the importance of having appropriate insurance for a better quality of life for Thai people. In order to incentivize Thai people to have discipline in saving continually, TIC Thai Insurance offers PA 365 accident insurance to NCPO members who can save according to the specified amount and period. This is another guarantee that GOC members are ready to deal with all risks and live with confidence. No worries about financial liquidity when unexpected events occur.

PA 365 insurance with coverage period of 1 full year takes care of medical expenses due to accidents up to 5,000 baht per year* and public accidents up to 50,000 baht per year*. Covering including death dismemberment, sight, hearing, speech or permanent disability up to 50,000 baht* (not including murder, assault and driving or riding a motorcycle) and death or permanent disability in the event of driving or riding a motorcycle up to 20,000 baht*, death or permanent disability in the event of murder or assault up to 20,000 baht* and funeral expenses in case of accidental death Up to 20,000 baht* Protection starts from September 15, 2021 September 15, 2022. Follow the news and products of TIC Thai Insurance at P'Chang Thai Insurance Facebook page. P' Chang Online Website LINE @Pchang Call Center Tel. 02-613-0123 (everyday, 24 hours) or Car Accident Report Hotline 1309

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