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Published on December 13, 2007

Secretary-general Chantra Purnariksha said Samphan Insurance, Thanasin Insurance and Saha Life should solve their problems and be ready to start new operations by next year's first quarter after their suspension. "The office is confident all of the firms will survive and not have their licences withdrawn, because we've already rechecked all potential investors. They all showed good financial backgrounds for assisting those firms in their troubles," she said.

Samphan Insurance reported it would soon settle a new contract with a new buyer, whose name will be announced next week. One buyer will be a Hong Kong-based financial firm.

The firm has also succeeded in changing its debt of Bt304 million by converting dept to equity, to facilitate operations.

Samphan had failed to maintain its insurance fund as required by law and to pay claims since June. It has been ordered to suspend the writing of new policies until it can solve its problems.

Thanasin Insurance reported it would complete the leftover amounts of liabilities in the Insurance Fund by the end of the month. So far, it has been able to pay more than 819 claims valued at Bt31 million to its customers. This shows the firm is recovering from its crisis, in which it has been prohibited from writing new policies since March.

Saha Life, which was formerly owned by cooperatives, will also close its deal with new investors early next year. It is amending its regulations to allow non-cooperative agencies to hold shares.

At least two new Thai buyers are interested in buying shares in the firm.

In addition, Chantra said Finansa Insurance was negotiating to close a deal with a new buyer by the end of the month, while a Japanese investor is interested in buying Advance Insurance shares.

Petchanet Pratruangkrai

The Nation