• 
• 

Published on February 21, 2008

Chantra Purnariksha, secretary-general of the Office of Insurance Commissioner (OIC), said yesterday that insurance firms would try to pay claims to all victims.

"Twenty-six insurance firms are involved in the case. The accumulative damage of the 600 victims is worth about Bt300 million," said Chantra, adding the insurance firms promised to pay claims within 15 days of cases being finalised.

Companies facing the most claims are Thai Setakij Insurance, which covered 55 of the lost cars worth Bt36 million, following by Viriyah Insurance with claims of about Bt31 million, and AIOI Bangkok Insurance with claims of about Bt28 million.

Although some of policies did not cover the loss of cars, insurers would try to help those victims, by relaxing some conditions, Chantra said.

She also urged consumers to carefully read all insurance packages to ensure they obtain the highest benefit from each type of insurance. She said the office was providing an advisory service for consumers through on its 1186 hotline.

Meanwhile, cash-strapped Sampanh Insurance, Thanasin Insurance and Advance Insurance have to complete business restructuring plans and raise capital by this month, or face official sanctions.

Chantra said the office would consider taking legal action against the three companies next month, which would result in the firms having their business licences withdrawn and the companies permanently shut down. However, the three firms have promised to report new partners and deal with liabilities by the end of the month.

The Nation