Office of Insurance Commission (OIC) Annual Report 2017 101 2017ANNUAL REPORT
Total Page:16
File Type:pdf, Size:1020Kb
Office of Insurance Commission (OIC) Annual Report 2017 101 2017ANNUAL REPORT OFFICE OF INSURANCE COMMISSION (OIC) 102 Annual Report 2017 Office of Insurance Commission (OIC) Contents Section 1 Strategy 2: Create Knowledge and Access to Insurance 142 Our Organization 104 Creating Insurance Knowledge and Understanding Encouraging the Development of Insurance Products that are Vision, Mission 105 Suitable to the Needs and Risks Strategies of the Office of the Insurance Commission 106 Expanding Public Access to Insurance The Insurance Commission 108 Strategy 3: Create environment for competition 151 Promoting competitiveness through product detariffication Section Improving Regulation and Insurance Product Approval Process Promoting the Linkage of Regional Markets 2 Strategy 4: Develop Insurance Infrastructure 158 Developing and Improving Professional Standard of Insurance Personnel Organizational Structure 119 Strengthening Research and IT Capability OIC Structural Chart 120 Promoting Insurance as Risk Management Tool OIC Senior Executives 122 Improving Regulatory Capacity Results of a Survey on Service Quality of the OIC in 2017 173 Section Section 3 5 Overview of Insurance Business in 2017 128 Overview of Insurance Business in 2017 129 Direction and Trend of Insurance Business in 2018 174 Direction and Trend of Insurance Business in 2018 175 Section Section 4 6 Operations and Significant Development 131 in 2017 Appendix 176 Strategy 1: Increase Potential of Insurance Industry 132 Audit Committee’s Report 177 Increasing capability of the operators Auditor’s Report 179 Improving Operational Standard of Insurer Financial Statements and Notes to Financial Statements 182 Improving Insurance Market Conduct Office of Insurance Commission (OIC) Annual Report 2017 103 Contents Section 1 Strategy 2: Create Knowledge and Access to Insurance 142 Our Organization 104 Creating Insurance Knowledge and Understanding Encouraging the Development of Insurance Products that are Vision, Mission 105 Suitable to the Needs and Risks Strategies of the Office of the Insurance Commission 106 Expanding Public Access to Insurance The Insurance Commission 108 Strategy 3: Create environment for competition 151 Promoting competitiveness through product detariffication Section Improving Regulation and Insurance Product Approval Process Promoting the Linkage of Regional Markets 2 Strategy 4: Develop Insurance Infrastructure 158 Developing and Improving Professional Standard of Insurance Personnel Organizational Structure 119 Strengthening Research and IT Capability OIC Structural Chart 120 Promoting Insurance as Risk Management Tool OIC Senior Executives 122 Improving Regulatory Capacity Results of a Survey on Service Quality of the OIC in 2017 173 Section Section 3 5 Overview of Insurance Business in 2017 128 Overview of Insurance Business in 2017 129 Direction and Trend of Insurance Business in 2018 174 Direction and Trend of Insurance Business in 2018 175 Section Section 4 6 Operations and Significant Development 131 in 2017 Appendix 176 Strategy 1: Increase Potential of Insurance Industry 132 Audit Committee’s Report 177 Increasing capability of the operators Auditor’s Report 179 Improving Operational Standard of Insurer Financial Statements and Notes to Financial Statements 182 Improving Insurance Market Conduct 104 Annual Report 2017 Office of Insurance Commission (OIC) Section 1 Our Organization Office of Insurance Commission (OIC) Annual Report 2017 105 Vision To provide knowledge and create public confidence that insurance system can serve as a stable mechanism for risk management and in preparing for sustainable future. To regulate and develop insurance business to be firmly strong. To promote and support insurance business to have a role in strengthening the country’s social and economic system and public good quality Mission of life. To protect the insurance right of the public 106 Annual Report 2017 Office of Insurance Commission (OIC) Ensure the Proper Market Conduct to Enhance the Industry’s Credibility and Stability 1 eelop reulator tanar to eet nternatonal leel to enure tat nurane opane ae tron OIC Strategy: E.F.FE.C.T. an oun anaeent 2 eelop nurane prnpal la to enure tat te are up to ate onue to urrent oal an Proactively Educating the Public in order to increase market liquidity eono onton an upporte to te trentenn o nurane opan anaeent te and create trust and stability to the country’s insurance system proe te apalt o prout approal proe to proote te aalalt o ere prout tat 1 proe te nolee o te aneaent an ultpler n aor area o te ountr reatn are repone to te r an nee o te pul their understanding and the ability to create benefits from insurance system and to quickly and widely 4. Encourage the industry to adopt and apply the IFRS international financial reporting system. enate te nolee to te eneral pul an to upport te rot an trut o te nutr proe nurane uner te Roa Aent t roteton At t epa on autent o u 2. Drive the insurance business, government agencies and related private agencies for greater and quicker nure aretn truture o opulor auto nurane an te anaeent o Roa Aent t eort to eelop te nutr un To ae te ellnon an to proote er pul aeptane on nurane une trou proe apalt o nterear an pute ettleent te to enure tat t tanare an pul relaton atte enaton o noraton an oter atte on a reular a efficiently enforced. E F FE C T Modify Improve upon the Fundamentals 1 eelop antrate te an proe operatn proeure to upport uture eelopent Foster Expansion of Strategic Alliance Using the Advancement of Techniques and Information 2 proe an tanare uan reoure anaeent Network to Promote Industry Growth Technology to Increase the Public Knowledge in Utilizing sytem inluding oranzational retruturn and and Increase Market Fluidity Insurances to Manage Risk Maintain Stability ounatn te ne truture n a anner tat 1 proe lateral ooperaton tn AA 1 eelop te or te operaton an to nreae te role o easy to understand and supportive to quick adjustment reon trou te eane o nolee tenolo n te enaton o nolee te peronnel e ope o te proeent alo an rn or te aronaton o 2 eelop ataae te or ue n te operaton o te epartent oer uan reoure plannn an eelopent o reulator rule an reulaton n ea o relatn to enaton o nolee an pul ere areer pat anaeent te tee ountre nane te apalt o peronnel to upport te 2 eelop polrelate reoenaton on on areoln truture an nreae o oren 4. proe apalt to traner an ounate areoln proporton oraniatonal culture o tat it can e eduated, understood and appreciated easily and quickly. Office of Insurance Commission (OIC) Annual Report 2017 107 Ensure the Proper Market Conduct to Enhance the Industry’s Credibility and Stability 1 eelop reulator tanar to eet nternatonal leel to enure tat nurane opane ae tron OIC Strategy: E.F.FE.C.T. an oun anaeent 2 eelop nurane prnpal la to enure tat te are up to ate onue to urrent oal an Proactively Educating the Public in order to increase market liquidity eono onton an upporte to te trentenn o nurane opan anaeent te and create trust and stability to the country’s insurance system proe te apalt o prout approal proe to proote te aalalt o ere prout tat 1 proe te nolee o te aneaent an ultpler n aor area o te ountr reatn are repone to te r an nee o te pul their understanding and the ability to create benefits from insurance system and to quickly and widely 4. Encourage the industry to adopt and apply the IFRS international financial reporting system. enate te nolee to te eneral pul an to upport te rot an trut o te nutr proe nurane uner te Roa Aent t roteton At t epa on autent o u 2. Drive the insurance business, government agencies and related private agencies for greater and quicker nure aretn truture o opulor auto nurane an te anaeent o Roa Aent t eort to eelop te nutr un To ae te ellnon an to proote er pul aeptane on nurane une trou proe apalt o nterear an pute ettleent te to enure tat t tanare an pul relaton atte enaton o noraton an oter atte on a reular a efficiently enforced. E F FE C T Modify Improve upon the Fundamentals 1 eelop antrate te an proe operatn proeure to upport uture eelopent Foster Expansion of Strategic Alliance Using the Advancement of Techniques and Information 2 proe an tanare uan reoure anaeent Network to Promote Industry Growth Technology to Increase the Public Knowledge in Utilizing sytem inluding oranzational retruturn and and Increase Market Fluidity Insurances to Manage Risk Maintain Stability ounatn te ne truture n a anner tat 1 proe lateral ooperaton tn AA 1 eelop te or te operaton an to nreae te role o easy to understand and supportive to quick adjustment reon trou te eane o nolee tenolo n te enaton o nolee te peronnel e ope o te proeent alo an rn or te aronaton o 2 eelop ataae te or ue n te operaton o te epartent oer uan reoure plannn an eelopent o reulator rule an reulaton n ea o relatn to enaton o nolee an pul ere areer pat anaeent te tee ountre nane te apalt o peronnel to upport te 2 eelop polrelate reoenaton on on areoln truture an nreae o oren 4. proe apalt to traner an ounate areoln proporton oraniatonal culture o tat it can e eduated, understood and appreciated easily and quickly. 108 Annual Report 2017 Office of Insurance Commission (OIC) Roles and Functions of The Office of Insurance Commission (OIC) The Insurance Commission Act has been effective since September 1, 2007. As a result, the Department of Insurance has changed its status to become the Office of Insurance Commission (OIC), an independent state agency and a juristic entity with a mission to regulate and develop insurance business and to protect the insurance benefits and rights of the people, similar to the Bank of Thailand and the Office of the Securities and Exchange Commission.