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INTERNATIONAL MONETARY FUND
Table 2. Thailand: Recommendations to Improve Observance of ICPs (continued)
Insurance Core Principle
Recommendations
responsibilities and their responsibilities to the
commission.
•
Giving the OIC, rather than the Minister, the authority
to set fee (or contribution) levels on industry. While
the OIC appears to be adequately resourced at
present, vesting authority for fees outside the OIC
creates a risk that restrictions on resources could be
used to inhibit the operational independence of the
supervisory organization.
Improving independence of the OIC should be
accompanied by measures to increase its formal
accountability to government. This should include a more
formal and more elaborate accountability framework
including, for example, an annual multiyear strategic and
operational plan that includes a set of performance
measures, and an annual report designed to report on the
organization’s progress in meeting plan requirements.
It is also recommended that in order to more fully meet the
requirements of ICP 2.7, the OIC should also consider publishing
more information on the insurance sector that it regulates in its
annual report and elsewhere.
3. Information Exchange and
Confidentiality Requirements
No recommendation.
4. Licensing
It is recommended that OIC continue with its review of licensing
requirements and introduce appropriate changes to legislation at
its earliest opportunity.
5. Suitability of Persons
It is recommended that:
•
The OIC include suitability requirements for significant
owners and all real person controlling beneficiaries as part of
its review of licencing requirements in order to make them
consistent with ICP standards.
•
Consideration be given to developing more specific
competency requirements for the heads of some control
functions (e.g., risk management, compliance).
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