On July 31, 2020, Thailand’s Office of Insurance Commission (OIC) imposed a host of new measures aimed at regulating the issuance of insurance policies and the conduct and duties of insurance agents and brokers.These measures are contained in two new notifications: the Notification re: Conditions Relating to the Issuing and Offering of Insurance Policies of Insurance Companies; and the Notification re: Duties of Life and Non-life Insurance Agents, Brokers, and Banks. The key provisions to note are identified below.General Duties of Insurance Companies

The COVID-19 crisis has posed questions for the insurance industry on a vast scale. From individuals who have actually contracted the virus, to those rendered unemployed by the economic crisis, to businesses that have been forced to close as a result of shutdown measures, almost no one has escaped loss of one form or another, and as the situation steadily returns to normal, increasing numbers of people are questioning whether  those losses are covered under insurance policies.

The newly amended Law on Insurance was published in the Electronic Official Gazette on March 30, 2020, and has been in effect since April 15. Existing insurers are allowed three years to comply with the new requirements, as provided in the amended law. As for insurance and reinsurance companies not yet established in Laos, new insurance business licenses remain suspended under a 2016 notification.