Thailand’s Office of the Insurance Commission (OIC) has issued measures, effective from September 1st, to speed up the claims process for COVID-19 insurance after rising complaints of payment delays.
OIC secretary-general Suthiphon Thaveechaiyagarn said they will strictly enforce the laws to protect consumer rights. The measures were issued to supervise insurance companies’ claims processes and enforce consumer protection laws, including an in-depth examination of companies’ handling of complaints, both those filed with the OIC and directly with insurance companies, in order to expedite the claims payment process.
He said the next step is a meeting, scheduled for September 12th, to collect opinions from relevant agencies and develop guidelines to ensure compliance by insurance companies.
According to Mr. Suthiphon, the OIC received 1,671 complaints about COVID-19 insurance from policyholders nationwide this year, an increase from 1,305 complaints in 2020. Most of the complaints were about delayed lump-sum payments. The OIC insisted insurers under its supervision remain in good financial health with ample reserves which exceed the legal requirements, despite losses from surging COVID-19 insurance claims. (NNT)
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