Authorities post a notice at the Chao Phaya Insurance headquarters on Rama IV Road on March 24 after it failed to maintain the required capital adequacy ratio. (Post file photo)The finance minister has shut down financially strapped Chao Phaya Insurance Co Ltd by revoking its licence, effective from Friday. Chao Phaya Insurance, founded in 1997, failed to maintain the required capital adequacy ratio, resulting in a weak financial position, the OIC said in a statement. They can also buy a one-year policy at a pro-rated discount on premiums equivalent to the remaining coverage period. Creditors of Chao Phaya Insurance can apply for debt repayment with the General Insurance Fund, which will act as the firm’s liquidator, within 60 days.

Source: Bangkok Post September 08, 2018 10:07 UTC