Samphan Insurance’s license revoked
Samphan Insurance’s license revoked
By The Nation
The Finance Ministry revoked the business license of Samphan Insurance, given that its debt amount is higher than its asset value, said secretary-general of Office of Insurance Commission, Chantra Purnariksha.
On August 7, 2006, Samphan was ordered to increase its capital fund to meet the required level. However, it failed to do so, which violated the Insurance Act BE2535. Moreover, it also violated the law, because compensation reserves are below the required level. In 2007, it was ordered to temporarily end the insurance business. Yet, so far, it has not yet boosted the reserves while debts exceed asets. Moreover, a large amount of compensation payments has been delayed.
"As the company shows no progress in solving its problems, if it is allowed to further continue the business, it would cause damage to insurers and the public," the OIC said in a statement.
The OIC has appointed Somnuek Phumchaiya and Aree Vilaiwan as the company’s liquidators.
More info: ยึดใบอนุญาติ สัมพันธ์ประกันภัย
