PLC Insurance and Reinsurance Multi-Jurisdictional Guide 2015/16 – Thailand Chapter

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Saran Kleesuwan

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Practical Law Company

July 8, 2015

The 2015/16 edition of Practical Law Company’s multi-jurisdictional guide to Insurance and Reinsurance  has been published. The guide is presented in a country-specific Q&A format and provides detailed overviews of insurance and reinsurance law and practice in key jurisdictions worldwide. Tilleke & Gibbins authored the Thailand chapter of the guide, which delves into the following subjects:

  • Market Trends and Regulatory Framework: Trends in the insurance and reinsurance markets over the last 12 months and the regulatory framework for insurance and reinsurance activities.
  • Regulation of Contracts: Contracts of insurance, contracts of reinsurance, and regulations.
  • Corporate Structure: Forms of corporate organizations insurers can take.
  • Regulation: Insurers that are regulated, types of regulation, non-insurance business, and statutory limits, restrictions, and requirements on transferring risk by insurance or reinsurance companies.
  • Operating Restrictions: Authorization and licensing, restrictions on ownership or control, ongoing requirements for authorized or licensed entities, penalties for noncompliance with legal and regulatory requirements, and restrictions on persons to whom services can be marketed or sold.
  • Reinsurance Monitoring and Disclosure Requirements: Extent a reinsurance company must monitor their claims, settlements, and underwriting of a cedant company and disclosure/notification obligations of a cedant company to a reinsurance company.
  • Policies: Form and content requirements for insurance policies, commonly found clauses, facultative and treaty reinsurance, implied terms, customer protection, and standard policies and terms.
  • Policy Claims: Establishing an insurance claim, third-party insurance claims, time limits, enforcement, remedies, and punitive damage claims.
  • Insolvency: Regulatory framework, protection measures, and setting-off mutual debts and creditors.
  • Taxation: Tax treatment for insurers, reinsurers, and other entities.
  • Dispute Resolution: Procedures and venues for dealing with complaints or disputes and enforceability of arbitration clauses.
  • Reform: Proposed reforms relating to the provision of insurance or reinsurance services.