Dr. Suthiphon Thaveechaiyagarn, Secretary-General of the Office of Insurance Commission (OIC), revealed that the OIC’s important mission is the qualified supervision of the insurance agents/brokers as the major sales channel and the information tunnel flew to the consumers. By the end of the Q1/ 2018, there were 573,159 insurance agents/brokers in the insurance industry. In order to keep the moral standard of insurance intermediaries, the regulatory ordering, the immoral agents/brokers wiping off and the proof and evident finding have been implemented. The extreme measure of the strict execution is the license revocation.
In the first quarter of 2018 (January 1 to March 31), the Secretary-General of the Office of Insurance Commission, as the insurance registrar, exercised the Clause 6 (4) of the OIC’s Proclamation concerning the rules and procedures in publicizing or advertising which is under the 2013 insurance laws. In this connection, 12 life-insurance agents and 2 non-life insurance brokers’ licenses were revoked. All 14 licensees were not allowed to operate the insurance activities or apply for the new license within 5 years from the revoking date. Offending would lead to the maximum of 6-months imprisonment or the maximum of THB 50,000.- penalty, or both punishments. There were three patterns of offenses leading to the license revocation. The first was misappropriating the insured’s premium without transferring the premium to the insurers. The second was imitating the insured’s signature on the insurance policy by such agents/brokers which resulted in disqualifying the insured to exercise the contract termination right within 15 days after the policy receiving date. And the third was not explaining the insurance conditions clearly to the insured prior to getting the contract signed.
The Secretary-General of the OIC mentioned that the OIC has been focusing on professional moral standard and the service quality of the agents/brokers starting from the pre-sales, sales to after-sales service. Besides the training, examination and the intensively license applying/renewal, the OIC recently held the hearing meeting on April 9, in the principle for improvement of the OIC ‘s Proclamation on the procedure governing the issuance of the life/non-life insurance policy, and the sales offering of the life/non-life insurance agents/brokers B.E....... The purpose of this improvement is to focus on upgrading the market conduct of the insurance system, having the insurance companies selling insurance products with quality control, fair dealing with the customers, overseeing and promoting the transparent and standard sales of the insurance products, and being in accordance with the ICPs standard, In addition, a discussion forum was held within the insurance sector under the topic of "Enhancing Insurance Industry Conduct of Business" in the CEO Insurance Forum 2018 on April 25, 2018. The meeting was to brainstorm about the quality control in the policy offered by focusing on a preventive measure against the probably arising problems. Warning from the OIC to consumers was that consumers should check the insurance agents/brokers’ licenses status through the Office of Insurance Commission’s website or the www.oic.or.th. Application: Insurance knowledge, or contact to Hotline No: 1186.