Thai finance minister revokes licences for two local insurers
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[BANGKOK] Thai Finance Minister Arkhom Termpittayapaisith has revoked the insurance licences of two companies - Southeast Insurance Pcl and Thai Insurance Pcl - controlled by billionaire Charoen Sirivadhanabhakdi.
The firms were in serious financial trouble, which could have hurt their clients and the wider public, the Office of Insurance Commission said in a statement late Friday. The government will be responsible for payments of outstanding claims and the revocation of the licences, effective Apr 1, won't affect the overall insurance industry in Thailand, it said.
The non-life units of Charoen's Thai Group Holdings ran into difficulties, partly because of policy claims related to Covid-19 illnesses. Their major shareholders decided last month to stop any more financial support, dashing hopes of further liquidity injections to sustain the businesses. BLOOMBERG
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
StarHub hands Ensign InfoSecurity control back to Temasek in S$115 million deal, books S$200 million gain
Singaporeans can now buy record amount of yen per Singdollar
Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss
Keppel DC Reit posts 13.2% higher Q1 DPU of S$0.02833 on strong portfolio performance
