The OIC’s Governance

 

Affecting to all public and private organizations on stimulating improvement in good administration, as from the year 2001 the government had announced its campaign of good governance policy.  To get more concrete output, the governance committee presided by Prime Minister had been appointed with 6 subcommittees which one of them was Corporate Governance (CG) Enhancement focusing on banking, finance and insurance institutes in order to be ready for IMF and World Bank’s world standard practice assessment programs (Report on the Observance of Standard and Codes: ROSCS).  As part of this, the Office of Insurance Commission (previously was called Insurance Department) had appointed a Corporate Governance Enhancement committee embodied with also the representative from the private sector to govern the insurance business.

Under the direction of IMF and World Bank’s purposing to have all member nations have regulating body to governing transparent and standardized practice, the OIC, the Bank of Thailand and the Security and Exchange Commission have to be assessed of their regulatory guideline of related business under the program so-called Financial Sector Assessment Program: FSAP).  Since 2007, IMF and World Bank had assigned personnel for such assessment.

The said assessment was not focused only on the regulatory body’s governing system, but also expanded to private business administration.  Although such assessment was the past, the private business bodies have to continue upgrading governance administration in their business to be in line with world standard corporate governance.  To be systematic and have the platform, the OIC had provided guidebook of good corporate governance for the insurance company to be served as a tool for their upgrading the governance.  Therefore it should be the right time for the insurance company to improve its level of governance to be in line with today global governance standard.

 

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Friday, June 28, 2562