Thai Finance Minister Arkhom Termpittayapaisith has revoked the insurance licenses of two companies — Southeast Insurance Pcl and Thai Insurance Pcl — controlled by billionaire Charoen Sirivadhanabhakdi.
The firms were in serious financial trouble, which could have damaged their clients and the wider public, the Office of Insurance Commission said in a statement late Friday. The government will be responsible for payments of outstanding claims and the revocation of the licenses, effective April 1, won’t affect the overall insurance industry in Thailand, it said.
The non-life units of Charoen’s Thai Group Holdings ran into difficulties, partly because of policy claims related to COVID-19 illnesses. Their major shareholders decided last month to stop any more financial support, dashing hopes of further liquidity injections to sustain the businesses.
Photograph: Boats navigate past buildings along the Chao Praya River in Bangkok, Thailand, on Saturday, Feb. 19, 2022. Photo credit: Luke Duggleby/Bloomberg.
Related:
- Thailand Regulator Orders 2 Non-Life Insurers to Stop Accepting New Clients
- Thai Insurer’s Coronavirus Cover Draws ‘Overwhelming’ Demand
Topics Carriers Property Casualty
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