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BIZARRE: Two covid hit insurers closed | Mind Blowing Facts

OIC Covid-19 Finance Ministry

Policyholders who have not received compensation from their insurers gather at the Office of the Insurance Commission to file complaints in mid-March. (Photo: Nutthawat Wicheanbut)

The Finance Ministry has revoked the business licences of Southeast Insurance and Thai Insurance, effective from Friday, after the two companies were declared financially incapable of paying outstanding claims, according to the Office of the Insurance Commission (OIC).

After the closure, the OIC and the General Insurance Fund will be responsible for compensation payments of outstanding claims for the two companies, said Suttipol Taweechaikarn, secretary-general of the OIC.

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