Thailand’s highly regulated insurance sector has seen positive developments in recent years, with the relaxation of certain restrictions on foreign investment in the industry, and the launch of emerging technology initiatives by the sector’s regulator, the Office of the Insurance Commission (OIC).
Initiatives include the establishment of the Center of InsurTech Thailand (CIT) and the Insurance Regulatory Sandbox, a technological exchange for insurance product development where traditional insurance companies and tech startups can collaborate and test emerging sector technologies, products and support services in a supervised environment.
Siam Premier’s insurance lawyers have strong local sector knowledge and are aware of the current global trends driving the industry. We regularly act for global and major local general insurers and reinsurers, life insurers, brokers and agents on a broad range of non-contentious and contentious insurance and reinsurance matters in Thailand.
We have extensive experience in advising global insurers on Thai market entry and exit, and in relation to complex insurance mergers, acquisitions and corporate restructurings.
We have developed excellent working relationships with the OIC, and we regularly liaise with the OIC on behalf our clients regarding approval for new insurance products and in relation to general regulatory matters and mergers and acquisitions.
Our insurance sector services include advising on:
- Broker and insurance agent arrangements
- Corporate structuring and restructuring
- Distribution channels
- Insurance claims and coverage advice
- Insurance and reinsurance litigation and dispute resolution
- Localization of insurance policies
- Market entry and exit
- Mergers and acquisitions
- Regulatory and compliance
- Acting for a UK headquartered global health insurance company on the THB 2.17 billion sale of its Thai subsidiary to a US managed global health insurance company.
- Conducting vendor due diligence on one of the largest health insurance companies in Thailand and advising on corporate structure.
- Acting for a global life insurance company and its Thai subsidiary in the THB 17.5 billion 100% share acquisition of a life insurance subsidiary of a SET-listed bank, and advising on the bancassurance agreement between the parties.
- Advising a SET-listed general insurance company on its tax options in relation to corporate restructuring.
- Advising a US company whose subsidiaries provide financial guarantee insurance in relation to securitization litigation.
- Acting for a Thai life insurance company in drafting and negotiating bancassurance agreements with commercial banks in Thailand and giving legal advice on regulations in relation to life insurance business.
- Representing a leading insurance company in arbitration proceedings against a large international Syndicate in a dispute concerning the issues of ‘event’, prescription period of the insurance claim and reinsurance claim payment.
- Advising a number of life and non-life insurance companies in relation to policies review, regulatory and compliance issues, distribution channels, corporate restructuring, foreign limits, M&A, and claims.