The Office of Insurance Commission (OIC) held discussions with four insurance associations to promote a system for directly transferring insurance premium payments to companies, aiming to break the cycle of insurance premium fraud.
The Office of Insurance Commission (OIC) is joining forces with the insurance industry to elevate the standards of supervision over insurance intermediaries, while emphasizing consumer protection measures for insurance purchases during the year-end period.
Ms. Wasumdee Wasinon, Deputy Secretary-General for Intermediary Supervision and Regional Insurance at the Office of the Insurance Commission (OIC), revealed that the OIC held a meeting with the Thai Life Insurance Association, the Thai General Insurance Association, the Thai Association of Life Insurance Agents and Financial Advisors, and the Thai Insurance Brokers Association to communicate and build mutual understanding between the OIC and the insurance industry regarding policies and measures for supervising insurance intermediaries.
Key issues include:
- The Office of Insurance Commission (OIC) emphasizes that all insurance companies must ensure that agent and broker appointment contracts are complete, accurate, and in compliance with the law. These contracts serve as crucial tools for risk management and effectively screening insurance agents and brokers.
- Promoting and pushing for electronic premium payment as a core industry standard will enhance transparency, improve operational efficiency, and prevent incorrect premium payment submissions.
- Communicating proactive supervision policies aims to create understanding and awareness of the role of insurance intermediaries in raising service and operational standards, in order to provide tangible protection and services to consumers.
This is to ensure that the public can safely and fully purchase insurance products during the end of the year, a period when demand for insurance products increases in order to utilize personal income tax deductions. (Office of Insurance Commission)
We advise the public to do the following:
1. Check the seller's license status through the following channels:
- Online inspection system https://smart.oic.or.th/EService/Menu1
- Line application, add friends with @oicconnect
- The "ForSure Intermediary" application requires agents/brokers to display an electronic license from the app to verify their identity.
2. Carefully review the policy details before making a purchase, especially important terms and conditions such as the coverage period and the terms of cash payouts during the contract period.
3. Pay the insurance premium only in the amount specified in the invoice issued by the insurance company.
4. Use the official payment channels designated by the insurance company, such as mobile banking, QR payment, or other electronic payment methods. Avoid paying insurance premiums directly to insurance intermediaries (agents/brokers) in cash to prevent the risk of not receiving full coverage under your insurance policy.
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