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INTERNATIONAL MONETARY FUND
Table 2. Thailand: Recommendations to Improve Observance of ICPs (concluded)
Insurance Core Principle
Recommendations
22. Anti-Money Laundering and
Combating the Financing of
Terrorism
No recommendation
23. Group-wide Supervision
No recommendation
24. Macroprudential Surveillance and
Insurance Supervision
No recommendation
25. Supervisory Cooperation and
Coordination
No recommendation.
26. Cross-border Cooperation and
Coordination on Crisis Management
It is recommended that:
•
The OIC develop criteria to identify groups operating in
Thailand on a cross-border basis for which the OIC should
require a contingency plan to protect Thailand policyholders,
both on a gone and going concern basis.
•
The OIC amend notifications to address, at a minimum, all
the information required to be shared by the principle
statements of ICP 26.
E.
The Authorities’ Response to the Assessment
25. The Office of Insurance Commission, Thailand (OIC) has appreciated the opportunity
to have been assessed against the IAIS Insurance Core Principles. The OIC would also like to
express its gratitude to the World Bank, the IMF and the Assessors for their understanding and the
fruitful exchange of views throughout the assessment process. The entire process has provided an
opportunity for the OIC to thoroughly review the insurance regulatory framework of Thailand and
pave ways for further improvement.
26. The OIC agrees with the Assessors’ comments and observations. The OIC also agrees
with the recommendations contained in the report, which will be put into practice over the coming
years. The implementation of many of the Assessors’ recommendations will help the OIC make
insurance supervision even more effective.
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