Thailand's Office of Insurance Commission (OIC) recently announced two Notifications regarding Timeframe Standards for Service Level Agreements, for both life and non-life insurance companies.
Under these notifications, every insurance company is required to set out clear and specific timeframes in its service level agreement (SLA) for at least the following activities:
- Providing information about life and non-life insurance and offering insurance policies;
- Underwriting and providing after-sales services;
- Paying compensation under the insurance policy; and
- Handling complaints.
The timeframes described in the SLA must not exceed those specified in the insurance policy or by the relevant laws, and the SLA (which must be published on the insurer's website) must be continually updated to reflect any changes in the timeframes.
Insurance companies are required to disclose the standard timeframes for SLAs on their website by January 1, 2025, and notify the OIC through the channels and methods specified by the OIC.
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