Page 126 - TGIA_AnnualReport2015

Performance Report of the Legal and Compliance
Committee

1. Compliance to Anti-money Laundering and Combating with Financing Terrorism
Laws

1.1 Preparedness for Assessment Compliance to the International Standard of Anti-money Laundering
and Combating with Financing Terrorism (AML/CFT)
As the Anti-Money Laundering Office (AMLO) was in the state of preparedness for being assessed on
the compliance to the international standard of the Anti-money Laundering and Combating with Financing
Terrorism (AML/CFT), financial institutions (insurance companies) were asked to fill up questionnaires and be
prepared to be assessed by submitting information to the AMLO. Thailand has been assessed twice, and the
third assessment will be in 2016. The Committee supported the member companies by conducting a meeting
to provide guideline for filling up the questionnaires under the Anti-money Laundering and Combating with
Financing Terrorism Risk Assessment Project.

1.2 Gathering a List of People Who Have Political Status
Pertaining to the Anti-Money Laundering Act B.E. 2542, stipulated in the Ministerial Regulation Prescribing
Rules and Procedures for Customer Due Diligence B.E. 2556, insurance companies are required to check
names of customers if having a political status or not. However, at present, there is no organization having
gathered such information. Therefore, the Committee will gather and inform the list of people who have political
status to the member companies for their use.

2. A Draft of Insurance Commission Declarations on Prescribed Rules, Procedures,
and Conditions for Claim Reimbursements or Payments under Insurance Contracts of
Non-life Insurance Companies B.E. 2558
The Office of Insurance Commission had drafted an Insurance Commission Declaration on Prescribed
Rules, Procedures, and Conditions for Claim Reimbursements or Payments under Insurance Contracts of Non-life
Insurance Companies B.E. 2558 and sought for opinions and recommendations from concerned organizations.
In this regard, the Committee submitted opinions and recommendations, together with reasons underlying,
to the OIC on July 14, 2015. The OIC had taken all the opinions and recommendations into consideration in
revising the draft. The Declaration is now finalized and in the process of promulgation.

3. Gathering and Pooling Laws and Regulations for E-law Library System
The Committee has gathered and pooled laws and regulations for E-law Library System for convenience
of the users. The information is regularly updated and posted on the website of the Thai General Insurance
Association.

4. Gathering Information on Credit Ratings and Capital Adequacy Ratios (CAR) of
Insurance Companies
The Committee has set up the database of credit ratings of insurance companies by gathering the
information on credit ratings of foreign insurance companies published by credit rating agencies and the
information on the Capital Adequacy Ratio (CAR) of the domestic insurance companies to facilitate member
companies in choosing their reinsurer(s) and to be used in calculating credit risk of foreign reinsurers in
compliance to the RBC criteria. The information is posted on the website of Thai General Insurance Association,
under the Capital Adequacy Ratio (CAR) and Rating label, and regularly updated.

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