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Thailand: Financial Sector Assessment Program-Detailed Assessment of Observance-Insurance Core Principles
Author:
International Monetary Fund. Monetary and Capital Markets Department
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2019: Issue 320
Language:
English
Publication Date:
24 Oct 2019
DOI:
https://doi.org/10.5089/9781513517650.002
ISBN:
9781513517650
ISSN:
1934-7685
Pages:
117
Keywords:
ISCR; CR; risk management; state enterprise; corporate governance; insurance coverage; steering committee; board of directors; interest rate; risk assessment; credit risk; senior management; limited company; risk capital; independent auditor; cash flow; preference shares; Insurance companies; Insurance; Internal controls; Capital adequacy requirements; Auditing; Global
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This Detailed Assessment of Observance on Insurance Core Principles on Thailand discusses that the government of Thailand has made a concerted effort to develop the insurance sector. The government has implemented a series of insurance development plans toward this end. Some significant regulatory and supervisory challenges remain, however, if Thailand is to continue to meet the pressures of a changing market and to continue to build the trust on which future growth depends. Consideration should be given to vesting more supervisory authority for key supervisory decisions with the Commission rather than with the Minister and Cabinet. Vesting authority with the Commission will help to ensure that the insurance supervisor has adequate powers to meet the objectives of insurance supervision. With respect to winding up and exit from the market, the insurance legislation should be amended to clearly establish a point at which it is no longer permissible for a troubled insurer to continue in business.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund