OIC issues waivers for firms reeling from Covid claimsThe Office of the Insurance Commission (OIC) has issued seven urgent waivers to help sustain insurance companies facing liquidity issues from the surge in Covid claims. As the pandemic situation remains severe, many non-life insurers have suffered higher than expected losses from Covid claims in a short period. The measures include exempting companies from calculating capital for insurance risks from Covid insurance, allowing them to count subordinated loans as Tier 2 capital, and relaxing the minimum Tier 1 capital ratio. The OIC will also allow companies to exclude the provision for adverse deviation in the calculation of their capital reserves. Companies that meet the criteria can file a waiver request with the OIC.

Source: Bangkok Post September 25, 2021 00:00 UTC