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Life Insurance Act Section 84 — Life Insurance Fund
Life Insurance Act (พระราชบัญญัติประกันชีวิต) — Section 84.
Plain-English Summary
Establishes the Life Insurance Fund (กองทุนประกันชีวิต) as a juristic person, to protect creditors under insurance contracts when an insurer's licence is revoked and to develop the life insurance business to be stable and secure. Insurers remit to it at a rate the Commission announces with the Minister's consent, not above 0.5% of premiums received in the preceding six months (Section 85/3). The Fund pays each creditor in place of the revoked insurer, and the amount, together with anything received from the liquidator, may not exceed THB 1,000,000, each creditor being assessed mainly by the number of persons covered under the insurance contract (Section 85/5). The Commission with the Minister's consent may announce a higher figure, generally or for a type of contract (Section 85/6).
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 84 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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