Thai Finance Minister Arkhom Termpittayapaisith has revoked the insurance coverage licenses of two corporations — Southeast Insurance coverage Pcl and Thai Insurance coverage Pcl — managed by billionaire Charoen Sirivadhanabhakdi.
The companies had been in severe monetary hassle, which might have broken their shoppers and the broader public, the Workplace of Insurance coverage Fee mentioned in an announcement late Friday. The federal government will likely be liable for funds of excellent claims and the revocation of the licenses, efficient April 1, received’t have an effect on the general insurance coverage business in Thailand, it mentioned.
The non-life models of Charoen’s Thai Group Holdings bumped into difficulties, partly due to policy claims associated to COVID-19 diseases. Their main shareholders determined final month to cease any extra monetary assist, dashing hopes of additional liquidity injections to maintain the companies.
{Photograph}: Boats navigate previous buildings alongside the Chao Praya River in Bangkok, Thailand, on Saturday, Feb. 19, 2022. Picture credit score: Luke Duggleby/Bloomberg.
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Subjects
Carriers
Property Casualty
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