Thailand Insurance Guide

Thailand's central insurance regulatory authority operating under the Ministry of Finance. The OIC oversees all insurance companies, brokers, and agents, and regulates all compulsory insurance schemes in Thailand.

The OIC regulates standard coverage terms for mandatory policies like Motor Third-Party Liability insurance and coordinates with other agencies on industry-specific compulsory insurance. All insurance companies providing mandatory covers must be licensed by the OIC.

SMEs should refer to OIC publications for the exact wording of compulsory policies like the motor vehicle Act policy or any other mandated coverage. The OIC website provides downloads of key legislation and circulars that interpret insurance laws.

The Social Security Office administers two critical mandatory insurance-like funds: the Social Security Fund (SSF) and the Workmen's Compensation Fund (WCF). These are nationwide compulsory schemes aimed at protecting employees, and all employers are required by law to participate.

Social Security Fund (SSF): Under the Social Security Act B.E. 2533 (1990), any employer who hires at least one employee must register that employee under the Social Security system. Both employer and employee contribute monthly (each usually 5% of wages up to a salary cap).

Workmen's Compensation Fund (WCF): Established by the Workmen's Compensation Act B.E. 2537 (1994), this fund functions as a mandatory employer's liability insurance for work-related injuries or illnesses. Employers must register within 30 days of hiring their first employee and pay an annual contribution based on industry risk classification.

The Department of Land Transport, under the Ministry of Transport, enforces the Motor Vehicle Accident Victims Protection Act B.E. 2535 (1992), which requires all motor vehicles to have Compulsory Third-Party Liability insurance (CTPL) before they can be legally used on the road.

This mandatory policy (commonly referred to as "Por Ror Bor") covers bodily injury or death to third parties caused by the vehicle. It provides no-fault medical expense coverage and statutory payouts for death or permanent disability to accident victims.

A current CTPL insurance certificate is required to register a new vehicle and to renew annual vehicle registration. Driving without this insurance is illegal – traffic police and DLT officers can penalize vehicle owners who lack valid coverage.

In late 2021, the Ministry of Interior issued Ministerial Regulations under the Building Control Act B.E. 2522 (1979) that mandate liability insurance for specific building categories. These rules apply nationwide and are enforced by local authorities.

Buildings Under Construction: Before constructing, modifying, or demolishing high-rise buildings (over 23 meters), large buildings, or extra-large buildings (over 10,000 square meters), the project owner or contractor must obtain third-party liability insurance for the construction period.

Buildings in Use: Owners or occupiers of certain buildings (public assembly buildings >10,000 sqm, hotels with 80+ rooms, service venues >200 sqm, large signboards) must carry public liability insurance at all times during use.

Tourism Authority of Thailand (TAT): Under the Tourism Business and Guide Act, licensed tour operators must provide accident insurance coverage for tourists and tour guides. The minimum coverage is typically THB 1,000,000 per person for death or permanent disability, and THB 500,000 for medical expenses.

Department of Land Transport: Companies running transportation services (buses, vans, taxis) have insurance obligations beyond the basic motor TPL. Public transport vehicles must carry additional insurance for passengers.

Marine Department: Boat operators carrying passengers for hire must have passenger accident liability insurance. Tour boat operators in tourist areas must insure their passengers up to a certain amount as part of their boat operating license.