Bangkok, The Office of the Insurance Commission (OIC) is preparing to protect policyholders of Sinmankong Insurance Co., Ltd. after the Finance Minister signed an order revoking the license. It is preparing to provide consultation and submit online debt collection for a period of 90 days.Mr. Chuchat Pramulpol, Secretary-General of the Office of Insurance Commission (OIC), revealed the preparation to assist policyholders, beneficiaries and claimants under insurance contracts in the case of Sin Mun Kong Insurance Public Company Limited having its non-life insurance business license revoked under Section 59. On July 4, the Minister of Finance signed an order to revoke the license of Sin Mun Kong Insurance Company. Currently, Sin Mun Kong Insurance Company has outstanding claims of 484,204 cases, totaling 32,184.83 million baht. This has caused 1.2-1.3 million policyholders of Sin Mun Kong Insurance Company to feel uncomfortable with the insurance system because they have debts of 80-90 billion baht. Therefore , the OIC has a policy to assist policyholders of Sin Mun Kong Insurance Company by preparing OIC hotline 1186 nationwide to provide information to policyholders. In addition, information on the steps and timeline for debt collection with Sin Mun Kong Insurance Company is also provided. Between 9 July and 7 August 2024, there will be an announcement in 3 newspapers for a period of 3 days. After that, registered mail will be sent to all creditors to notify them of the cancellation of the policy and to inform them to file a debt collection request and cancel the policy. The coverage will end on 8 July 2024. After that, between 9 September and 7 November 2024, a total period of 60 days, the online debt collection request will be open, which creditors can file online from anywhere in the world.Mr. Chuchat also said that the OIC did not want this kind of incident to happen, but when it happened, we had to do our best. The OIC will cooperate with the Thai General Insurance Association and the General Insurance Fu nd to solve this problem and asked people to have confidence in the Thai insurance system.Source: Thai News Agency