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Thailand’s Office of Insurance Commission (OIC) has released draft Notifications regarding Guidelines for Considering Qualifications and Suitability of Insurance Agents and Brokers to Manage Risks Related to Insurance Fraud for Life and Non-Life Insurance Companies for a public hearing period. The draft notifications set out criteria that life and non-life insurance companies should follow to assess the risk of brokers and agents committing insurance fraud. 

Risk Rating 

Under the OIC’s draft notifications, the risk of insurance agents and brokers committing insurance fraud is represented by four color-coded levels, according to the characteristics of the agent or broker. These levels are summarized in the table below. 

Insurance companies can verify the qualifications and suitability of agents and brokers by accessing information on insurance fraud in the OIC’s database. This access must comply with the Personal Data Protection Act, requiring the consent of the agent or broker whose information is being accessed. 

For more details on the OIC’s notification, or on any aspect of insurance regulations in Thailand, please contact Athistha (Nop) Chitranukroh at nop.c@tilleke.com, Witchupong Chittchang at witchupong.c@tilleke.com, Ajaree Trachukul at ajaree.t@tilleke.com, Thammapas Chanpanich at thammapas.c@tilleke.com, or Sireethorn Wijan at sireethorn.w@tilleke.com. 

WRITTEN BY

Tilleke & Gibbins
For further information, please contact:

Athistha (Nop) Chitranukroh – Tilleke & Gibbins, Tilleke & Gibbins
nop.c@tilleke.com

Athistha (Nop) Chitranukroh – Tilleke & Gibbins

Nop Chitranukroh, a partner at Tilleke & Gibbins, leading technology and insurance teams, with expertise in regulatory compliance and recognized as a top practitioner in insurance and TMT law.

Nop Chitranukroh is a partner and director of Tilleke & Gibbins’ corporate and commercial group. She leads the firm’s technology and insurance teams, and regularly advises clients across industries on a wide range of regulatory compliance matters relating to cybersecurity and data privacy, fintech, insurance, insurtech, and payments. She also represents multinational and local financial services, payments, and technology industry clients on a range of strategic matters, including market entry, M&As, and ongoing compliance across Southeast Asia.

Prior to joining Tilleke & Gibbins, Nop served as Thailand general counsel of an American multinational corporation, listed on the New York Stock Exchange, where she oversaw all operations within the legal department in Thailand. Nop was previously Asia-Pacific regional counsel for the same multinational finance and insurance corporation, based in Singapore. She has also served as a legal counsel at an industry-leading Irish-American financial services and software-as-a-service (SaaS) provider of payment processing software and related application programming interfaces (APIs) for e-commerce websites and mobile applications.

Widely recognized as a top practitioner in insurance and TMT legal practice in Southeast Asia, Nop is ranked as a leading lawyer in both technology and insurance industries in Thailand by Chambers Asia-Pacific, and has been identified as a Next Generation Partner in TMT by The Legal 500. She was named one of the Asia’s top 40 lawyers under 40 by Thomson Reuters’ Asian Legal Business, and in 2020, she was nominated for Data Privacy Lawyer of the Year (Asia) at the Asian Legal Awards.

Nop is a Certified Information Privacy Professional/Asia (CIPP/A) with the International Association of Privacy Professionals and serves as an advisory board member of Insurtech Asia. She has acted as a legal advisor for the Thailand Insurance Association for more than a decade.

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