Mon, March 17, 2008 : Last updated 20:12 hours
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INSURANCE
April 4 is new deadline for Sampahn Insurance
The Office of Insurance Commission (OIC) may revoke the license of cash-strapped Sampahn Insurance next month if it fails to close deals with potential partners by April 4.
Sampahn earlier said it is negotiating with three potential partners - one foreign and two Thai - who will inject fresh capital into the company.
"The office will give Sampahn to close the deal by April 4 to ensure that all policyholders of the firm will be paid after the financial restructuring," said Chantra Purnariksha, secretary-general of the office.
Sampahn has failed to maintain its insurance fund as required by law and failed to pay claims since June 2005. As a result, OIC has been ordered to suspend its operation since July last year.
- The Nation
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