OIC Reaffirms Its Commitment to Protecting Policyholders’ Rights Following Complaints Over Incomplete Dividend Payments
The Secretary-General of the Office of Insurance Commission (OIC) instructed the Assistant Secretary-General to visit Lampang Province to resolve an insurance-related dispute. The matter was successfully settled, with the insurance company agreeing to comply with the Registrar’s ruling.
Dr. Suthiphon Thaveechaiyagarn, Secretary-General of the Office of Insurance Commission (OIC), stated that the OIC places great importance on protecting the insurance rights and benefits of the public. The Office has continuously advanced consumer protection in the insurance sector to ensure that people receive their full entitlements accurately, fairly, and promptly. This helps strengthen public confidence in and enhance the positive image of Thailand’s insurance system.
In this case, a policyholder filed a complaint with the OIC after purchasing two life insurance policies: a 90/20 whole life policy and a 20/20 endowment policy. The policyholder alleged that the insurance company had incorrectly calculated and paid less than the full amount of dividends specified under the policies. The complaint was therefore submitted to the OIC for consideration.
The OIC officials instructed the company to consider making an additional dividend payment under the 20/20 policy and to revise the dividend calculation for the 90/20 policy.
The company complied with the officials’ recommendation regarding the 20/20 policy. However, it had not yet revised the dividend calculation for the 90/20 policy to ensure that it was consistent with the policy terms and conditions.
The Registrar therefore issued a ruling requiring the company to revise its method of calculating the policyholder’s dividends. Subsequently, reports emerged suggesting that the insurance company might not comply with the Registrar’s ruling, which could force the policyholder to pursue the matter independently by filing a lawsuit in court.
In response to the issue, the OIC Secretary-General instructed the Consumer Protection Division to monitor the matter closely to ensure that the policyholder’s insurance rights and benefits were protected fairly.
On 18 June 2018, the OIC Secretary-General assigned Mr. Chaiyut Mangsri, Assistant Secretary-General for Consumer Protection, and Mr. Chanapol Mahawong, Assistant Secretary-General for Insurance Promotion and Regional Insurance Affairs, to take further action on the case.
Together with Mr. Chatree Khemachat, Director of the OIC Office in Lampang Province, they visited Lampang and arranged a meeting between the policyholder and the insurance company. The parties held mediation talks at a conference room in Lampang Provincial Hall to reach a mutually acceptable resolution and protect the rights of insurance consumers.
Mr. Chanapol Mahawong, Assistant Secretary-General for Insurance Promotion and Regional Insurance Affairs, explained to both parties the coverage and benefits provided under the terms and conditions of the life insurance policies, as well as the key points of the Registrar’s ruling in the case.
As a result of the meeting, both parties reached a mutual understanding and agreed on a resolution acceptable to all concerned.
“This case is another example of the OIC’s close involvement in assisting and protecting insurance consumers. Both parties cooperated fully, allowing the dispute to be resolved successfully and amicably.
“I would therefore like to assure the public that anyone who experiences difficulties or believes they have been treated unfairly in relation to insurance can rely on the OIC to protect their rights and benefits to the fullest extent. For assistance with insurance-related issues, please contact the OIC hotline at 1186,” the OIC Secretary-General concluded.
The insurance company agreed to revise its dividend calculations in accordance with the Registrar’s ruling. A written settlement agreement was signed by both parties as evidence, with the two Assistant Secretaries-General signing as witnesses.
The policyholder was satisfied with the outcome and therefore agreed to withdraw the complaint filed with the OIC.
