1.0Tilleke & Gibbinshttps://www.tilleke.comJoel Akinshttps://www.tilleke.com/author/joel/Thailand Eases Foreign Shareholding and Board Limits for Life Insurance Companies - Tilleke & Gibbinsrich600338<blockquote class="wp-embedded-content" data-secret="AIpag53fXd"><a href="https://www.tilleke.com/insights/thailand-eases-foreign-shareholding-and-board-limits-for-life-insurance-companies">Thailand Eases Foreign Shareholding and Board Limits for Life Insurance Companies</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://www.tilleke.com/insights/thailand-eases-foreign-shareholding-and-board-limits-for-life-insurance-companies/embed/#?secret=AIpag53fXd" width="600" height="338" title="“Thailand Eases Foreign Shareholding and Board Limits for Life Insurance Companies” — Tilleke & Gibbins" data-secret="AIpag53fXd" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script type="text/javascript">
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Thailand’s Ministry of Finance (MOF) has issued a new notification easing foreign shareholding and board limits for life insurers. This long-awaited update aligns with the draft notification that was previewed in May 2024, and reflects the MOF’s intention to enhance the stability and competitiveness of life insurers. Life Insurer Qualifications Life insurers may apply for permission to exceed 49% foreign shareholding or have a majority of foreign directors if: The life insurer operates in a manner that could harm the insured or the public, and either (1) the OIC has directed the company to improve its status or adjust its capital, or (2) the company’s actions may have a significant impact on the insurance industry, causing significant compensation burdens and affecting the company’s capital adequacy ratio (CAR); The life insurer’s shareholders are unable to increase capital; and The life insurer is unable to attract Thai investors to increase the capital