The OIC Secretary-General, Dr. Suthiphon Thaveechaiyagarn, revealed that the OIC has had a clear policy to drive consumer protection from the beginning to the ending step. As one of the key processes for consumer confidence and trust, it needs to regulate the insurance companies operating on the basis of accuracy, abiding by law and ethics, the preventive protection, financial security supervision, and the market conduct of the insurance system. That is the intensive continual auditing process of the middleman. The scope of the audit covers insurance agents and brokers, both person and juristic person, including the bank. As one important agent, the bank has insurance broker licenses and can access the public insurance system.
In the year 2018, the OIC continued conducts the audit of corporate insurance broker and the Bank intensively. By organizing the teams of central and provincial auditors in auditing the branches of commercial banks, the OIC got corporation from the Bank of Thailand, as the primary regulator of the banks to verify the insurance products offering to the public. It also integrates with the Thai Bankers Association to exchange information useful to supervise and control the quality of insurance products offered by the Bank. The results of the investigation, if found guilty, shall be treated with light to stronger measures against the offenders to allow them for improvement with the information noticed to the Bank of Thailand and the related bank’s headquarter.
The OIC’s inspection process covers the examination of market conduct in insurance products offered by banks in all aspects and offering territory, qualifications of personnel, qualified assurance process, supporting documents, internal control system and risk control system. It also includes the process of offering and accurate information providing by the bank’s staff to the customer. In addition, the hearing meeting attended by the Bank management in clarifying the policy to the insurance intermediaries in providing information to consumers. On October 2, visiting to Pattalung province together with the OIC’s management, the OIC Secretary-General took this occasion to invite Mr. Piya Wongsaengkham, Chairman of Pattalung Bank Club, Club Committee and the delegates of all 13 financial institutions in Pattalung province attending the hearing meeting of the policy in offering of insurance policies through banks and stress to have bank brokers comply with the law. This is to reduce the complaints and eliminate legal offense which probably lead to prosecution and license revocation risk.
"For the sake of public’s coverage from the insurance, the Office expected that anyone interests in insurance should check the sellers’ license, give clearly demand to buy insurance and have the documents checked before confirming to buy the insurance. To be sure that the coverage is exactly appropriate with his requirement, one can get more online information of buying insurance from banks via OIC website (www.oic.or.th), or contact the OIC of either central or provincial offices, or hotline 1186 ", the secretary-general said