The Office of Insurance Commission (OIC) promotes "Conduct of Business" to upgrade health insurance in response to an aging society and protect consumers from the outset.

The Office of Insurance Commission (OIC) is promoting the "Conduct of Business" concept as the core of modern insurance regulation, enhancing consumer protection from product design and sales, supporting the growth of health insurance and the aging society, while also pushing innovation and technology to increase public access to insurance coverage.

Mr. Chuchat Pramunphon, Secretary-General of the Insurance Business Regulatory and Promotion Commission (OIC). Revealed during a special lecture on the topic... "The Importance of Health Insurance in an Aging Society and the Future Direction of Laws" Under the Certificate Program in Medical Law (Civil Service Commission Level 2), organized by the Mahidol Adulyadej Institute in collaboration with the Medical Governance Foundation, it was noted that Thailand is entering a fully aging society, resulting in a continuously increasing demand for healthcare and health insurance.

The Conduct of Business (CoB) concept will be a key mechanism for regulating the insurance business in the future. The goal of consumer protection will not only be to resolve complaints when problems arise, but must begin from product design, policy terms and conditions, sales presentation, information provision, and customer care throughout the contract term, ensuring that policyholders receive fair treatment throughout the product lifecycle.

Furthermore, oversight of marketing behavior, or Conduct of Business, is a crucial mechanism for building trust, raising the standards of the insurance business, and strengthening consumer protection in line with the challenges of an aging society in the future. The insurance business therefore plays a vital role as a risk management mechanism and provides financial security for the public. At the same time, regulatory bodies must develop rules that keep pace with changes in society, technology, and the increasingly complex nature of insurance products.

Mr. Chuchat stated that the Office of Insurance Commission (OIC) will support the adoption of innovation and technology to develop products and services that meet the needs of the public in the digital age. This includes developing insurance laws, protecting policyholders' rights, interpreting health insurance policy coverage, and addressing future public health challenges. The OIC will continue to develop a regulatory system that strikes a balance between protecting policyholders' rights, promoting greater public access to insurance coverage, and maintaining the long-term stability of the insurance business amidst changing demographic structures in Thailand.

"This integration of collaboration between the medical, legal, and insurance sectors reflects a joint effort to develop effective public protection measures, support the transition to an aging society, and strengthen the long-term sustainability of Thailand's health insurance system."

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