Under-fire insurance company pledges to honour Covid policy commitments
Syn Mun Kong Insurance Plc (SMK), which came under fire for trying to renege on its Covid-19 policy commitments, on Saturday apologised for its actions.
The company also scrapped its announcement on Friday to end the “Covid 2 in 1” policy, also known as “Jer Jai Job”. Under the policy, a policyholder who tests positive for Covid is paid out immediately.
On Friday the company had said that the rapidly escalating Covid-19 situation in Thailand meant it was no longer able to manage the risk.
Syn Mun Kong said the premium for the coverage remaining on the policy would be returned to customers within 15 days of the cancellation.
However, on Saturday the company assured it would continue to provide coverage under the coronavirus insurance policy to customers as usual.
The public outrage following the company's announcement on Friday led to the Office of the Insurance Commission issuing an order requiring the registrar to stop all non-life insurance companies from cancelling their Covid insurance and warned of action against companies violating them.
According to the law, the company could be fined up to THB300,000.
