Insurers delaying Covid payments face THB20,000 daily fine, warns OIC
The Office of the Insurance Commission (OIC) has warned insurance companies after complaints of late payments on Covid-19 policies.
OIC chief Suthiphon Thaveechaiyagarn said companies refusing to pay out on a legitimate Covid-19 claim faced daily fines of 20,000 baht up to a maximum of 500,000 baht under the law.
Serious action in response to complaints against insurers will be considered by the OIC’s penalty committee next Tuesday (September 14), he added.
The warning comes after the OIC implemented measures on September 1 to speed up the Covid-19 insurance claims process, including panels to mediate disputes between insurers and customers.
Suthiphon said the OIC had received 1,671 complaints about Covid-19 insurance this year.
One insurer says Covid claims from its customers have soared above 1,000 per day, causing delays in payouts.
