Loss-ridden insurance providers get licenses revoked after massive COVID claims
Customers to enter supermarket in Bangkok are required to wear masks and to have temperature checked during COVID-19 pandemic. Photo: © ILO/Chanitda Wiwatchanon / flickr. CC BY-NC-ND 2.0.
Thailand’s Finance Minister Arkhom Termpittayapaisith has revoked the business licenses of two financially-troubled Thai insurance companies, Southeast Insurance and Thai Insurance, effective today (Friday), following a massive amount of COVID-19 claims.
Secretary-General of the Office of the Insurance Commission (OIC) Suttipol Taweechaikarn said that the finance minister had no choice but to close the businesses, because their shareholders have refused to increase the capital.
Full story: thaipbsworld.com
By Thai PBS World
