Aid measures for insurance firms, policy holders extended to June
Office of Insurance Commission (OIC) is extending the deadline for its measures to help insurers and insurance businesses that have been hit by the Covid-19 outbreak to June this year.
“The OIC board has agreed to extend the measures introduced when Covid-19 first hit Thailand early last year. These measures were to expire in December 2020,” OIC secretary-general Suthiphon Thaweechaiyagarn said on Monday. “OIC’s legal committee is reviewing the details. Once that is completed, the measures will be announced and become retroactively effective from January 1 to June 31.”
The measures that OIC rolled out last year include:
• Allowing insurers to delay the payment of insurance premiums by 60 days. More than 420,000 applied for this aid.
• Allowing casualty insurance premium to be paid in instalments. Over 1.1 million have applied for this measure.
• Allowing temporary suspension of coverage under accident insurance for tour operators and tour guides. About 6,200 have applied for this measure.
• Allowing travel and transport entrepreneurs to pay insurance premium in instalments. Over 26,000 entrepreneurs have applied for this.
• Allowing changes in coverage of casualty and car insurance. Over 255,000 insurers have applied.
• Allowing car insurance premium to be paid on daily, monthly or quarterly basis instead of yearly basis. Over 10,500 insurers have applied for this measure.