The Finance Ministry has revoked Thai Medical Care Co’s non-life insurance license after it again failed to address its financial and operational problems.
The company may cause damage to insured persons or the general public if it is allowed to continue its business, the Office of the Insurance Commission (OIC) said in a statement yesterday.
The OIC suspended Thai Medical Care's operations last December and allowed the non-life insurer to improve its financial position and resolve operational problems by the end of March.
The company failed to fix the problems by the deadline and asked for an extension.
The regulator extended the deadline to June 29.
The OIC found Thai Medical Care shouldered a large burden paying money to insured persons and others, issued policies that were different from what the registrars had approved and failed to submit financial statements as well as to report on responsibility calculations of settlement claims for 2008.
Moreover, the insurer had not turned in internal control evaluation reports for 2009 or 2010 to registrars or a three-year risk management plan to the OIC and breached the law by investing in stocks.
A total of 25 non-life insurance companies have accepted the insurance policies issued by Thai Medical Care.
Insured patients awaiting claims from Thai Medical Care can request payment from the General Insurance Fund.
The Finance Ministry also revoked the license of Union Inter Insurance Plc in July after it failed to improve its financial status.