acy and personal data management. Their information technology systems must be certified by an independent licensed auditor, and it must be registered with the OIC prior to carrying out transactions. Any planned additions of or alteration to the registered electronic transactions must first be reported to the OIC.
Life insurance companies, life insurance brokers, and Life Insurance Financial Institutions must also comply with two (2) other notifications: (1) the OIC’s Notification Re: Stipulation of Rules and Procedures for the Issuance and Offering of the Insurance Policy by the Life Insurance Companies, and the Performance of Duties by the Life Insurance Agents, Life Insurance Brokers and Financial Institutions; and (2) the OIC’s Notification Re: Rules and Conditions for the Offering of Insurance Policy for Sale via Advertising Media.
Non-Life Insurance
Similar requirements to the Electronic Life Insurance Notification, but relating to non-life insurance, are in the OIC’s Notification of OIC Re: Rules and Procedures for the Issuance of Insurance Policy, the Offering of Insurance Policy and the Reimbursement of Indemnity under an Insurance Contract via Electronic B.E. 2560 (2017), which applies to non-insurance companies, non-life insurance brokers, and financial institutions licensed as the non-life brokers (Non-Life Insurance Financial Institutions). For example, under this notification insurance policies to be offered for sale via electronic means likewise require approval from the registrar of the OIC, and certain information must be disclosed to prospective customers.
Non-life insurance companies, non-life insurance brokers, and Non-Life Insurance Financial Institutions must also comply with two other notifications: (1) the OIC’s Notification Re: Stipulation of Rules and Procedures for the Issuance and Offering of the Insurance Policy by the Non-Life Insurance Companies, and the Performance of Duties by the Non-Life Insurance Agents, Non-Life Insurance Brokers and Financial Institutions; and (2) the OIC’s Notification Re: Rules and Conditions for the Offering of Insurance Policy for Sale via Advertising Media, pursuant to the country’s non-life insurance laws.
Additional comments regarding the legal situation for InsurTech-services or what InsurTech’s must be aware of in this business area
The OIC foresees the necessity of developing insurance laws and regulations to respond to the rapid growth and development of technology. In 2020, the OIC established the Centre for InsurTech, which aims to encourage insurance technology innovations and function as a one-stop-service point for relevant entities.
The OIC also set up a regulatory sandbox for insurance, which enables companies to test their innovations by providing actual services to consumers within specific circumstances and under the framework stipulated by the OIC.
Further laws and regulations are likely to be developed by the OIC to respond to technological developments. As the technology evolves, it is important that the insurance companies keep pace with the changes and maintain compliance with all security requirements and regulations.
Economic conditions
Market size for InsurTech-services and biggest companies in this business area
Information on the market for InsurTech-services in Thailand is not available.
Additional comments regarding the economic situation for InsurTech-services or what InsurTech’s must be aware of in this business area
Considering the rapid development of technology, it is undeniable that technology will become the major factor for the growth of businesses and therefore, it is expected that the InsurTech will expand in the future.