The OIC Secretary-General, Dr. Suthiphon Thaveechaiyagarn, referred about the announcement of the OIC) No. 17/2561 dated October 9, 2018, of the non-compliance with the Insurance Act of King Insurance Limited on the type and kind of reserve capital, and the rules, procedures and conditions for calculating the capital fund for non-life insurance company BE.2558 (2015), by clarifying that the law requires the OIC to disclose this to public of the details of such non-compliance with the law under Section 111/2 of the Non-life Insurance Act BE 2535 (1992). In case of the lower capital reserve, as required by law, the company has to propose the revision plan to maintain its capital reserve status within 30 days from the date of the notification from the Registrar or the date the auditor or the company recognizes the situation. The companies can operate normally after obtaining Registrar approval, but not able to expand the business until the capital fund can be maintained in accordance with Section 27, paragraph 2.
"The King Wei Insurance Public Company Limited as mentioned above had notified to the registrar of its increasing paid-up capital which is under the legalization process. If it is found that the capital level is in compliance with the law, there will be no case that the Registrar will have to take action on the reserve capital insufficient matter nor to stop the King Wei company expanding the business. Mean the company can take new insurance customers”, the Secretary-General mentioned finally.