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4. Project of the Development of Risk-Based Capital Framework Phase 2
Office of Insurance Commission has undertaken the Risk-Based Capital Supervision Project since 2011
which has been continuously monitored and assessed. In 2013 OIC started a Project of the Development of Risk-
Based Capital Framework Phase 2 (RBC2) for non-life insurance business by having representatives from the
Association and member companies involved in the working group. OIC has hired a consulting firm to gather,
analyze, and design a framework for risk-based capital phase 2 to make the development of risk-based capital
framework suitable and in line with the international practice. Insurance companies had undertaken the market test
under the Risk-Based Capital Framework Phase 2. The Committee had requested individual member companies to
submit summary data of capital adequacy ratio to the Association in order to analyse the test result, in aggregate,
and likely impacts on non-life insurance business which would be used as supporting information to the opinions to
be given to OIC. The results of the analysis were also informed back to member companies.

5. Project of Appropriateness Consideration of the Stress Test Framework for Non-life Insurance
Business
Office of Insurance Commission set up an Appropriateness Consideration of the Stress Test Framework for
Non-life Insurance Business Working Group by having representatives from the Association and insurance
companies involved in the Working Group. The Working Group had set up sub-working groups to prepare
guidelines and formulas to assess damages from natural flood and earthquake disasters for conducting a stress
test for non-life insurance companies. OIC demanded insurance companies to conduct the first quantitative impact
analysis and reported the results in the required form within October 2014.

6. Summarizing Timelines of the Enforcement of New and Revised Accounting Standards
As the Accounting Standards Committee, Federation of Accounting Professions under the Royal Patronage
of His Majesty the King, had prepared and revised Thai Financial Reporting Standards (TFRS), Thai Accounting
Standards (TAS), Thai Financial Reporting Interpretation Committee (TFRIC), and Thai Standing Interpretation
Committee (TSIC) under the IFRS Bound Volume 2013 (Blue Book) which would be applied to financial statements
having a starting date on or after January 1, 2015 onward, except IFRS 4 Insurance Contract which would be in
effect from January 1, 2015 onward, the Committee had summarized the timelines of the enforcements of new and
revised accounting Standards and informed member companies to perform accordingly.

7. Contributing Opinions toward Drafts of OIC’s Declarations and Commandments
The Committee contributed opinions toward drafts of declarations and commandments as follows:
7.1 (Draft) Registrar Notification on Rules Governing Placement and Withdrawal of Unearned Premiums
Reserve of a Non-life Insurance Company B.E. 2557; and
7.2 (Draft) Registrar Notification on Prescribed Rules, Procedures, and Conditions of Undertaking Securities
Business of Non-life Insurance Company.

120 รายงานประจำาปี 2557 | Annual Report 2014