OIC overhauls property sales of insurance business boards

Bangkok, The OIC issues an announcement on the 'sale or grant of movable property-real estate-purchase of property' of insurance company directors. If the value exceeds 1 million baht/year, the OIC must be notified, emphasizing transparency. Effective on 1 February 2024. Mr. Somprasoke Piyatanon, Assistant Secretary-General Business and Investment Supervision Division The Office of the Insurance Commission revealed that the Office of the Insurance Commission has issued an announcement to the Registrar regarding requesting approval for the sale or grant of real estate or real estate or the purchase of assets from company directors. Including people related to company directors of life insurance companies and general insurance companies. 2024 Prevents conflicts of interest (Conflict of Interest) effective from 1 February 2024. Summary of the main points of the announcement as follows: 1. In the case of sales transactions or give real estate to company directors and related persons or buy real estate from com pany directors and related persons Must receive consent from the board of directors and approval from the registrar. 2. In the case of transactions that are under the OIC announcement regarding investments in other businesses of life/casualty insurance companies, B.E. 2013 and amendments. more Insurance companies do not need to obtain approval before conducting transactions. 3. In the case of transactions other than 1 and 2, if the cumulative value of transactions with directors and related persons exceeds one million baht per year. Insurance companies must obtain approval from the registrar before conducting transactions, and 4. Insurance companies must report transactions to the registrar in all cases. and disclose items in the financial statements and financial position 'Insurance companies can operate their businesses with stability. There must be a work system that is transparent, verifiable, and able to appropriately manage risk in every transaction. Especially company directors Including people relate d to company directors To reduce conflicts of interest, the OIC Office must issue a registrar announcement. to build confidence that the insurance company conducts its business appropriately; Consider the impact of stakeholders insurance company assured and insured citizens' . Source: Thai News Agency