IMF Staff Country Reports

Thailand: Financial Sector Assessment Program-Detailed Assessment of Observance-Insurance Core Principles

October 24, 2019

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Thailand: Financial Sector Assessment Program-Detailed Assessment of Observance-Insurance Core Principles, (USA: International Monetary Fund, 2019) accessed December 30, 2024

Summary

This Detailed Assessment of Observance on Insurance Core Principles on Thailand discusses that the government of Thailand has made a concerted effort to develop the insurance sector. The government has implemented a series of insurance development plans toward this end. Some significant regulatory and supervisory challenges remain, however, if Thailand is to continue to meet the pressures of a changing market and to continue to build the trust on which future growth depends. Consideration should be given to vesting more supervisory authority for key supervisory decisions with the Commission rather than with the Minister and Cabinet. Vesting authority with the Commission will help to ensure that the insurance supervisor has adequate powers to meet the objectives of insurance supervision. With respect to winding up and exit from the market, the insurance legislation should be amended to clearly establish a point at which it is no longer permissible for a troubled insurer to continue in business.

Subject: Auditing, Capital adequacy requirements, Financial institutions, Financial regulation and supervision, Insurance, Insurance companies, Internal controls, Public financial management (PFM), Revenue administration

Keywords: Auditing, Board of directors, Capital adequacy requirements, Cash flow, Corporate governance, CR, Credit risk, Global, Independent auditor, Insurance, Insurance companies, Insurance coverage, Interest rate, Internal controls, ISCR, Limited company, Preference shares, Risk assessment, Risk capital, Risk management, Senior management, State enterprise, Steering committee

Publication Details

  • Pages:

    117

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2019/320

  • Stock No:

    1THAEA2019005

  • ISBN:

    9781513517650

  • ISSN:

    1934-7685

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