New investment regulations for Thai insurers become effective
By Jonathan Goacher and Peter Shelford
On 25 October 2013, new regulations became effective that govern how life and non-life insurers in Thailand may conduct investment and engage in other business. While the regulations are lengthy and detailed, DLA Piper has highlighted certain key points below.
An investment committee must be appointed by the insurer. It must comprise of at least three persons, who shall be (a) directors/executives and (b) ‘knowledgeable and skilled persons’ who have at least three years’ experience in investment management, risk management or securities analysis.
The committee has a supervisory role. Among other things, it must develop an investment policy framework and consider and approve investment plans; supervise and manage investment; oversee transparency and accountability of investments; and report investment results to the insurer’s board of directors…
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