OIC Urges Thai Life Insurance to Compensate Fraud Victims

Prachachat•Economy•249d ago

Reader Briefing

Thai Life Insurance instructed by the Office of the Insurance Commission (OIC) to expedite compensation for victims of fraud perpetrated by agent Chankate Thabun.

•The Office of the Insurance Commission (OIC) is actively monitoring Thai Life Insurance's progress in compensating policyholders affected by agent Chankate Thabun's fraudulent activities.
•Thai Life Insurance has so far settled compensation for 70 out of 81 affected individuals, with ongoing negotiations for the remaining 11 cases.
•The OIC has mandated that Thai Life Insurance improve its risk management, internal controls, and legal compliance systems to prevent future incidents of agent fraud.

Overview

•As of an unspecified date in 2024, 70 out of 81 policyholders affected by agent Chankate Thabun's fraud have been compensated.
•The Office of the Insurance Commission (OIC) has urged Thai Life Insurance to expedite compensation for 11 remaining unsettled cases of fraud.
•Agent Chankate Thabun engaged in fraudulent insurance activities, causing significant financial damage to policyholders.
•Thai Life Insurance is required to revise its risk management and internal control processes to prevent similar fraud in the future.
•Thai Life Insurance has implemented measures including prohibiting cash premium payments through agents and revoking temporary receipts to enhance security.
•The OIC stated its commitment to strictly supervising and enforcing laws on insurance companies to regulate agent behavior.
•The OIC will continue to closely monitor and evaluate Thai Life Insurance's improvements to its systems and internal controls.
•The OIC aims to ensure all legitimate policyholders and affected parties receive complete, fair, and timely compensation, thereby enhancing public confidence in the insurance system.

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Key Quotes

OIC Secretary-General Adisorn, addressed company

"The OIC will strictly and continuously supervise and enforce laws with insurance companies to control and regulate life insurance agent behavior according to laws and defined standards."

สำนักงาน คปภ. จะกำกับดูแลและบังคับใช้กฎหมายกับบริษัทประกันภัยอย่างเคร่งครัดและต่อเนื่อง เพื่อให้มีการควบคุมและกำกับพฤติกรรมของตัวแทนประกันชีวิตให้เป็นไปตามกฎหมายและมาตรฐานที่กำหนด

OIC Secretary-General Adisorn, addressed company

"This progress tracking of directives aims to ensure that all legitimate policyholders and affected parties receive full, fair, and timely compensation."

โดยการติดตามความคืบหน้าการปฏิบัติตามข้อสั่งการในครั้งนี้ มีเป้าหมายสำคัญเพื่อให้เกิดความมั่นใจว่า ผู้เอาประกันภัยและผู้ได้รับผลกระทบที่สุจริตทุกรายได้รับการเยียวยาอย่างครบถ้วน เป็นธรรม และทันท่วงที

Key Entities

Organization

Office of the Insurance Commission (OIC)(คปภ.)ℹ️

The regulatory body overseeing insurance companies in Thailand, actively ensuring consumer protection and market integrity.

Thai Life Insurance(ไทยประกันชีวิต)ℹ️

An insurance company facing scrutiny from the OIC for compensation issues and required to improve its internal systems following an agent's fraud.

Person

Chankate Thabun(จันเกตุ ทับบุญ)

A life insurance agent of Thai Life Insurance accused of fraud, whose actions have led to OIC intervention and compensation demands.

Adisorn(อดิศร)

The Secretary-General of the OIC, who is directing the agency's actions in overseeing Thai Life Insurance's response to the fraud case.