SMK policyholders to protest after court accepts rehab petition

SMK policyholders to protest after court accepts rehab petition

Policyholders of Covid-19 insurance who did not receive compensation from insurance firms gathered at the OIC to file complaints on March 15. (Photo: Nutthawat Wicheanbut)
Policyholders of Covid-19 insurance who did not receive compensation from insurance firms gathered at the OIC to file complaints on March 15. (Photo: Nutthawat Wicheanbut)

A group formed to claim insurance pay-outs owed to them by Syn Mun Kong Insurance (SMK) is looking to stage a gathering on Monday after the company’s rehabilitation petition was accepted by the Central Bankruptcy Court on May 18.

SMK has issued a statement explaining that it owes 41 billion baht in pay-outs related to Covid-19 insurance policies. The company has so far paid out 11.875 billion baht using its profits, but still owes approximately 30 billion baht to another 350,000 policyholders.

According to the company, it is unable to honour the remaining pay-outs due to impact on its liquidity.

The Central Bankruptcy Court’s decision to accept SMK’s rehabilitation petition, filed on May 17, grants it an Automatic Stay on having to continue pay-outs until otherwise ordered.

In response, a Facebook page setup to bring together those policyholders still awaiting pay-outs from SMK has called for a gathering to take place this Monday in front of the Central Bankruptcy Court. By law, the group is permitted to oppose the acceptance of the rehabilitation petition.

Several comments posted on the page have accused SMK of irresponsibility and voiced concern that its entering into a rehabilitation process will allow it to avoid payments or delay further payments by three to five years.


Do you like the content of this article?
COMMENT (4)

Myanmar to offer official apology for air intrusion, says Don

Myanmar will send a letter of apology to Thailand for an air intrusion by a MiG-29 fighter jet over the Thai soil in Tak's Phop Phra district on June 30, Foreign Minister Don Pramudwinai said on Tuesday.

12:24

Timber cutters arrested with illegal payung wood

SURIN: Two villagers were arrested with a quantity of payung wood in their possession and charged with illegally felling protected trees in Sangkha district, police said.

10:33

Chotiwat is new president of Supreme Court

The Judicial Commission has appointed Chotiwat Luengprasert as the country's 48th Supreme Court president.

10:00