GIF unveils two services for creditors on website
published : 27 Sep 2019 at 09:33
newspaper section: Business
writer: Darana Chudasri
The General Insurance Fund (GIF) has launched two programmes via its website to help insurance creditors examining payment approval -- checking on insurance companies' business licence revocation and seeking insurance claims of expired legal cases.
Since 2008, there have been 10 general insurance companies that have had their business licences revoked, said GIF manager Varaporn Wongpinitwarodom.
Three of them are still settling their accounts and compiling assets and liabilities, another three are in bankruptcy with the Legal Execution Department, and the rest are reimbursing insurance claims to creditors, said Ms Varaporn.
"The reimbursement process is very slow because many claimants have not submitted enough documents and we cannot contact them at the addresses they provided," she said.
In the case of Sampan Insurance, where the firm was shut down for more than a decade, GIF's executive board approved a reimbursement payment worth 441 million baht, said Ms Varaporn. But only 337 million baht has been paid, with about 100 million unpaid because insurance claimants cannot be contacted.
For two cases where GIF is a liquidator, there are 7,800 cases where document submission is incomplete for Saja Insurance Solutions, while there are over 10,000 similar cases for Chao Phraya Insurance Plc, she said.
"We have tried our best based on the employees we have. Reimbursement claims will be sent to GIF if claimants do not submit enough documents to receive insurance claims in a 10-year period starting from the document submission date," said Ms Varaporn.
The first programme on GIF's website can search for the list of creditors approved for payment for companies that had their business licence revoked.
The second searches for insurance claims of expired legal cases, allowing people to search for information by filling in their car ID numbers or names.
She said GIF's existing capital is above 4 billion baht, sufficient to reimburse claims of around 2 billion. The law specifies GIF must complete the liquidation process in 120 days, but this is difficult as GIF does not have customer information for folded firms.








