Thailand’s Office of the Insurance Commission (OIC) has prohibited insurance companies from cancelling COVID-19 insurance policies before the contract ends, after Syn Mun Kong Insurance Plc announced that it was cancelling its previously sold “COVID 2 in 1” insurance policies.
OIC secretary-general Suthipol Taweechaikarn said any COVID-19 insurance policies issued by the company before July 16 and still in effect cannot be terminated by the company before the contract ends. The insurer can cancel the policy only if it can prove that the customer has committed insurance fraud for their own or another party’s benefit.
He said the order aims to prevent damage to COVID-19 insurance customers amid the ongoing outbreak and to maintain consumer confidence in the country’s insurance system. This order is applicable to all insurance companies.
Suthipol added that customers can report unfairness in insurance contracts via Line Official Account @oicconnect, or by calling the 1186 hotline. (NNT)
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