3.2.2 The Life Insurance Act and the Casualty Insurance Act
The Life Insurance Act, B.E. 2535 (1992), as amended by the Life Insurance Act (No. 2) B.E. 2551 (2008), and the Casualty Insurance Act, B.E. 2535 (1992), as amended by the Casualty Insurance Act (No. 2) B.E. 2551 (2008), (collectively, the “Insurance Acts”), require that (i) Thai nationals constitute at least three-fourths (3/4) of the total number of directors and (ii) Thai nationals, being persons with the following qualifications, hold more than 75% of the total number of shares sold in the insurance company: