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Government support reaffirmed.
Byline: Phusadee Arunmas
Aug. 1--Insurance regulators insist that a proposed policyholder protection fund is necessary to protect policyholders' interests in case an insurer becomes insolvent and to ensure a sound insurance market and confidence in the industry among the general public.
The fund, part of government policy to promote the expansion of the insurance industry, will be used to compensate policyholders in cases where insurance companies are unable to pay claims.
"Similar funds are in place in many developed countries. We (the regulators) expect that the fund will play a critical role once the [insurance] market is fully liberalised by ...
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Source: HighBeam Research, Government support reaffirmed.