PUBLISHED : 17 Dec 2023 at 04:00
The Office of Insurance Commission (OIC) had ordered SET-listed Syn Mun Kong Insurance (SMK) not to accept new applicants after the Central Bankruptcy Court revoked its rehabilitation petition.
Adisorn Phipatworaphong, OIC assistant secretary-general for legal affairs and cases, said OIC decided on Friday to use Section 52 of the Non-Life Insurance Act 1992 to order SMK to stop accepting new applicants as part of its business.
Its ongoing operation may cause damage to its customers or the public, the OIC decided.
The OIC’s suspension order for SMK came after the Central Bankruptcy Court revoked SMK’s rehabilitation petition on Friday.
The insurance agency filed the rehabilitation petition with the court on April 25, 2022, after facing a huge loss due to its Covid-19 lump sum payment policy.
The company reported its financial statement in the first quarter of 2022 with a loss of up to 29.4 billion baht.