OIC orders insurer to raise capital base

KWI must hike it by B30m this month

- NUNTAWUN POLKUAMDEE

The Office of the Insurance Commission (OIC) has ordered KWI Insurance to urgently increase its paid-up capital by at least 30 million baht this month, while maintaining a temporary suspension on new policy issuance.

The move, aimed at protecting the rights and interests of policyholders, followed an order on May 22 for KWI to rectify its financial position and temporarily halt new business underwriting.

"KWI Insurance has made some progress, including negotiations on claim settlements, business acquisition talks, and a plan to increase its paid-up capital by at least 30 million baht, as outlined in its proposed plan. The registrar sees potential for the company to resolve its financial issues," said the OIC.