Asia Pacific Insurance

Thailand

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Is there any specific regulation governing the sale of insurance through online platforms?

Yes. The Office of Insurance Commission ("OIC") issued a specific regulation governing the sale of insurance through online platform which came into force on 26 August 2017 (Online Sale Regulations). 

Is the sale of insurance through mobile applications subject to the same requirements as the online sale?

Yes.

Set out three key regulatory requirements for the distributions of products online or through mobile applications.

Three key regulatory requirements are: (i) the products sold online must have obtained a specific approval from the OIC, (ii) the products must be sold only by the insurers, brokers, or banks, and (iii) the sale must be done in accordance with requirements under the laws on electronic transactions.

Do the current insurance regulations in your jurisdiction allow the KYC process be done online or electronically? If so, what are the key requirements?

There is no specific insurance regulation governing e-KYC at the moment. Therefore, in practice, insurers would have to ensure that their e-KYC process meets all general KYC requirements prescribed under the Anti-Money Laundering Act B.E. 2542 (1999).

Do the insurance regulations permit insurance policies/contracts to be concluded through digital means? For example, through a “click-through” or “e-signature”, without any wet signature.

Yes, but the e-signature must meet all requirements under the laws on electronic transactions. 

Is there any specific regulation governing the advertising of insurance products through online platforms or the use of aggregators?

No. Advertising of insurance products through online platform is subject to the same regulation as advertising through other means.

Are there any customer service requirements if the insurers sell their products online?

The Online Sale Regulations prescribe a number of requirements relating to customer service. For example, insurers and brokers are required to demonstrate to customers the application process, contact channels, claim process, and urgent contact in case issues arise with respect to online service. In addition, they must also inform the customers of summary of benefits, exclusions, and online premium payments process. Further, they must allow the insured to inspect the insurance policies.

If an obligation is imposed on insurers to allow customers to amend or update their policies online, are there any specific regulatory requirements governing that process?

There is no such obligation imposed yet.

Are insurers required to apply for specific insurance licenses in order to conduct online sales?

No. Insurers may perform online sales with their current insurance licenses. However, insurers are required to register with the OIC in order to perform online sales.

In order to conduct online sales, are insurance intermediaries required to apply for any specific insurance licenses?

No. Brokers may perform online sales with their current insurance brokerage licenses. However, they are required to register with the OIC in order to perform online sales.

Are there specific requirements on the commission rates paid to insurance intermediaries for online sales? Please specify if these rates are different from the rates applicable in the case of insurance sale through other means.

No. There is no difference on the commission rates paid between online sales and other means. 

Where the insurers do not engage in online insurance sales themselves, but engage intermediaries to do so, would the insurers be deemed as offering or selling insurance products online?

No. In principle, the sale of online insurance through brokers and banks is subject to the insurers' prior approval. Insurers, however, although not directly conduct the online sale, has duty to ensure that brokers and banks comply with all requirements for the online sale. If non-compliance arises, insurers are require to suspend the approval given to the brokers and banks within 7 days.

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