Thailand Advances Insurance Regulation with World Bank Advice under First Reimbursable Advisory Services Agreement

November 25, 2016

BANGKOK, November 25, 2016 – The Office of Insurance Commission (OIC) of Thailand and the World Bank signed yesterday an agreement for the World Bank to provide advice to the Office of Insurance Commission, on a reimbursable basis, on the development of the insurance market in the country.

Under this first Reimbursable Advisory Services Agreement between Thailand and the World Bank, the Bank will support the Office of Insurance Commission’s self-assessment of current insurance regulatory and supervisory practices and provide advice on the consistency with international standards. This work of the Office of Insurance Commission, with World Bank support, aims to foster an environment in which the insurance industry can efficiently expand and grow, and better protect the poor against risks and catastrophic loss. 

“The agreement is an important step which will provide us with a committed approach to working more closely together,” said Dr. Suthiphon Thaveechaiyagarn, Secretary General of the Office of Insurance Commission. “The World Bank’s knowledge, expertise and experience on insurance business and supervision standards will allow us to develop in accordance with international standards.”

“The development of a strong insurance market is an opportunity for Thailand to improve and protect people’s lives and property, while increasing incomes and creating jobs,” said Ulrich Zachau, World Bank Country Director for Thailand. “The World Bank is pleased to support the Office of Insurance Commission in strengthening the insurance sector in Thailand.”

The Reimbursable Advisory Services are programs offered by the World Bank to middle and high-income countries, at their request, to provide technical advice, analytical services, and implementation support.

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