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Independent Overseer of Thailand Insurance Department May Improve Efficiency.
Dec. 13--Holders of insurance policies will notice little impact when the Insurance Department is transformed into an independent regulatory body next year.
Their regular habits will remain unchanged: paying premiums for insurance coverage and receiving benefit payments when contracts come due.
But as time goes by, they might receive more efficient service from the new agency, the Insurance Commission Office.
"The change follows the global trend of freeing up insurance regulatory bodies. It results in more efficient operations, without being hindered by unnecessary regulations," said Potjanee Thanavaranit, director-general of the Insurance Department.
Cutting the department loose from the Commerce Ministry is part of the government's administrative restructuring plan, which also aims to add two new ministries, bringing the total to 17.
The new Insurance Commission Office will supervise and promote life and non-life insurance companies and brokers, with a mandate to ensure that all market participants are sound financially.
Although the growth of the local insurance business is healthy, with 20 percent annual increases in life insurance and 5-6 percent for the non-life business, not all companies are performing well.
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