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R eport of the Accounting, Finance and Investment Committee

1. The Proposal to Amend A Provision on Insurance Accounting Committee, the Legal and Compliance

Reserve by General Insurance Company in the Committee and the RBC Working group have gathered

Revenue Code opinions and recommendations on the draft of this

Prepare a proposal to request the government sector notification to ensure that the companies maintain

to review the current regulation on allocation of general adequate capital fund in case of unexpected risks that

and life insurance reserve under the Revenue Code to may cause losses beyond the ability of the company to

be in line with the basis prescribed by the Office of absorb.

Insurance Commission in which insurance reserve is

regarded as corporate tax expense because of the 4. Opinions on the Drafted OIC Notification Prescribing

changes in life and non-life insurance business operation Criteria, Methods, Conditions and Time Frame for

such as the insurance plans and changes in regulations Submitting Annual Report on the Calculation of

of the OIC such as RBC in order to strengthen the Insurance Policy Liabilities
financial status of the insurance companies and for the The Committee has submitted views and opinion

benefits of the insured and the beneficiaries. on the drafted OIC Notification Prescribing Criteria,
Methods, Conditions and Time Frame for Submitting
2. Submit Industry’s Opinions on the OIC Drafted Annual Report on the Calculation of Insurance Policy

Notification on “Criteria, Methods, Conditions and Liabilities in order to enable the general insurance

Time Frame for the Preparation and Submission of companies to prepare the balance sheet that are in

Balance Sheet and Operational Report of General conform to the generally accepted accounting standards

Insurance Companies (No. 2), B.E. 2553” and to request for the flexibility in time frame that the
In response to the plan of the Office of Insurance general insurance companies are required to prepare

Commission to issue the OIC Notification on “Criteria, and submit the balance sheet and operational report, in

Methods, Conditions and Time Frame for the Preparation case of urgency such as in the event of major disaster or

and Submission of Balance Sheet and Operational incident that greatly affect the public.

Report of General Insurance Companies (No. 2), B.E.

2553” in accordance with the requirement of the Federation 5. Opinions on the Annual Report

of Accounting Professions, the Accounting Committee, In response to the request of the Office of Insurance
Accountant Club and representatives of the auditors, Commission to get opinions of the industry on the

therefore, prepared a proposal to express the industry’s drafted annual report form for general insurance

opinion on such drafted notification. companies, the Accounting Committee organized a
seminar to explain the detail of the regulation and to
3. Expression of Opinions on the Drafted OIC Notification solicit opinions and recommendations from member

Prescribing Types of Capital Fund and Criteria, companies on November 17, 2010 at the Kessiree

Methods and Conditions for Calculation of Capital Narongdej Training and Seminar Center, the Federation

Fund by General Insurance Companies” of Accounting Professionals.
In response to the plan of the Office of Insurance

Commission to issue a Notification Prescribing Types of 6. Joining the Working IFRS Group
Capital Fund and Criteria, Methods and Conditions for The Accounting Committee assigned representatives

Calculation of Capital Fund by General Insurance to be the member of the IFRS Working Group set up by

Companies, in accordance to the provision in Section 27 the Office of Insurance Commission to prepare for the

of the General Insurance Act (No. 2) B.E. 2551, the new accounting standards improved and amended by
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