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Life Insurance Act Section 29 — Policy-form and premium-rate approval
Life Insurance Act (พระราชบัญญัติประกันชีวิต) — Section 29.
Plain-English Summary
Policies and their attachments must follow the form and wording the Registrar has approved, and premium rates need the Registrar's approval (Section 30). If an insurer uses a form the Registrar has not approved, the insured may hold it liable on that policy or cancel the contract and recover all premiums paid; if it departs from an approved form, the insured may choose between the issued wording and the approved wording.
Official Text
Official Thai text at the Royal Gazette / Office of the Council of State. Translation summary only.
Consult official sourceParent Statute
Life Insurance Act
พระราชบัญญัติประกันชีวิต · B.E. 2535 (1992)
The Life Insurance Act B.E. 2535 (1992) governs life insurers in Thailand and repeals the Life Insurance Act B.E. 2510 (1967) (Section 3). Life insurance may be carried on only by a public limited company holding a licence from the Minister with Cabinet approval (Section 7); a foreign insurer may set up a licensed branch (Section 8). At least 75% of voting shares must be held by Thai nationals and at least three-quarters of directors must be Thai (Section 10), subject to the Commission's permission for non-Thai holdings of up to 49% and the Minister's power to relax the requirement, so 49% is not an absolute cap; foreign-insurer branches are exempt (Section 13). The Act also covers security deposits, reserves and capital funds, policy-form approval, the ban on unjustified delay in paying policy money, licensing of life agents and brokers, the Life Insurance Fund, and penalties. It is supervised through the Commission and Registrar of the Office of Insurance Commission (OIC). Non-life business is governed by a separate Act, and a life insurer may not carry it on (Section 33(1)). The Government Savings Bank's life insurance business is outside the Act (Section 4).
The summary above is a plain-English educational paraphrase of Section 29 of the Life Insurance Act. It is not an authoritative translation. For the binding Thai text, consult the Royal Gazette or the Office of the Council of State. Educational use only — not a substitute for advice from a Thai-qualified lawyer.
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