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R eport of the Legal and Compliance Committee

1. Expression of Views on OIC Notification on “Reinsurance 3. The Drafted Private Information Act B.E…..
of Insurance Company, B.E…” In response to an approval of the Cabinet on the drafted

The Office of Insurance Commission is in the process Private Information Act, B.E…. proposed by the members

of drafting a notification on “Reinsurance of Insurance of the House of Representatives to be enforced in the

Company, B.E…” and had requested for opinions from the future, the Legal and Compliance Committee, in realizing

General Insurance Association. In realizing the importance its importance and a direct effect on insurance business,
of such regulation to the insurance business, the Legal has set up a working group to study the drafted legislation

and Compliance Committee convened meetings among and convened a meeting to inform and prepare member

member companies and all committees to solicit for their companies of the implications of such law on May 26,

opinions and recommendations. The objective was to 2010 at the Swissotel Le Concorde, Bangkok.
ensure that this regulation will be suitable and provides

maximum benefits to the insurance business. The 4. E-Law Library
acquired opinions and recommendations have been E-law library has been established to provide a

sent to the OIC. database that contains all insurance related laws and
regulations such as the General Insurance Act, B.E.
2. Request for Views on Problems and obstacles 2535, amended by the General Insurance Act (No. 2),

Related to Insurance Laws and Regulation in the B.E. 2551, the Insurance Commission Act, B.E. 2535,

Operation of Insurance Business amended in B.E. 2540, 2550 and 2551, the Road Accident

The Office of Insurance Commission (OIC) has set a Victims Act, B.E. 2550, subordinate laws, the Insurance

plan to complete a plan to reform insurance master laws Core Principles (ICP) and other insurance related laws,

to conform to international standard within the years including the judgments of arbitrators. The objective is to

between 2010–2014 and has asked the business provide legal information and regulations to members

through the General Insurance Association to submit and the general public. The E-Law Library is opened for
opinions and recommendations on the problems and access since September 16, 2010.

obstacles to the operation of insurance business created

by the existing laws and regulations. In realizing the 5. “Corporate Good Governance and Code of Good

need to reform the current key insurance related Practice for Insurance Companies Manual”
legislations, to ensure that they are up to international A manual on “Corporate Good Governance and Code

standard and to lessen the problems that insurance of Good Practice for Insurance Companies” in both English

companies are facing today because they are unable to and Thai versions is being prepared by the Thai Insurance

comply with these laws, the Committee therefore Institute and is expected to be completed in January 2011.
arranged to gather opinions and recommendations on The manual will be distributed to member companies of

how to reform the current insurance laws from member the General Insurance Association.

companies and legal experts as follows: A press conference to publicize this manual was
1) Regulations of insurance companies held on December 14, 2010 at the Ballroom AB of the

2) Regulations of insurance intermediaries and Swissotel Nai Lert Park, Bangkok.
personnel such as agents, brokers, actuaries and assessors.
3) Protection of Public right 6. Trainings and Seminars
4) Enforcement of law and penalties. 6.1 The Enterprise Risk Management Club organized
5) Others an activity to announce the results of the seminar and to
hear feedbacks and views of the member companies on
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