Expanded Opportunities for Increased Foreign Shareholdings and Directors in Thailand Insurance Companies
In Thailand, Section 10 of the Life Insurance Act, B.E. 2535 (1992), as amended, and Section 9 of the Non-Life Insurance Act, B.E. 2535 (1992), as amended (collectively the Insurance Acts) permit life and non-life insurance companies in Thailand to request for a relaxation to increase its foreign shareholding ratio to more than 49 percent and to increase its foreign directorship proportion to more than half; provided that the insurance companies have been granted specific permissions from the Minister of Finance (the MOF), upon the recommendation of the Office of Insurance Commission (the OIC).
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