Bangkok, The Office of Insurance Commission (OIC) has raised the standards of actuarial mathematicians, set aside sufficient funds to support claims, and set up a committee to screen 'suspension and revocation' of licenses.Ms. Ayusri Khambanlue, Assistant Secretary-General, Standard Development Division, Office of Insurance Commission (OIC), revealed that the OIC has a policy to protect the insured. When compensation is required, the insurance company must have sufficient money to pay the insured. The insurance company must calculate the insurance reserves to estimate the insurance compensation that must be paid to the insured in the future.The calculation of insurance reserves requires the principles of actuarial mathematics, relying on actuarial mathematicians who have knowledge, understanding and experience. Moreover, insurance reserves are part of the risk-based capital (RBC) framework, which affects the strength of the financial position of the insurance company. Therefore, actuaries licensed by the Office of the Insurance Commission (OIC) must perform their duties in accordance with the standards and maintain the ethics of the actuarial profession as determined by the Office of the Insurance Commission (OIC).The OIC has therefore issued an order appointing a committee to screen the suspension and revocation of actuarial licenses. The committee consists of executives of the OIC, representatives from relevant associations, and academics from educational institutions. The committee will consider and investigate the actions of actuaries that may be a cause for the suspension or revocation of actuarial licenses. For example, in the case where an actuary has calculated insurance reserves that are not in accordance with the standards, it may affect the adequacy of the company's insurance reserves to pay compensation to the insured.The OIC sincerely hopes that the appointment of this committee will help maintain the high standards of actuarial science in Thailand and help the insurance industry grow steadil y and sustainably.Source: Thai News Agency