Bangkok: The Commercial Bank of Thailand (CBBT) and the Office of Insurance Commission (OIC) are joining forces to improve the linkage of insurance data as per the Fuel Control Act. This initiative is part of an effort to streamline the consideration of licenses and regulation of controlled businesses classified under Category 3.
According to Thai News Agency, the Department of Energy Business (DOEB) and the OIC have formalized their collaboration by signing a memorandum of understanding (MOU) on linking insurance data under the Fuel Control Act. This agreement, witnessed by Mr. Sarawut Kaewtathip, Director-General of DOEB, and Mr. Chuchat Pramoonpol, Secretary-General of OIC, is intended to enhance the management of insurance data for licensing and regulatory purposes. It also aims to promote the development of insurance standards that align with energy sector regulation.
The Director-General of DOEB highlighted that approximately 33,000 licenses are currently active in the SAFETY system, with over 24,000 licenses having been delegated to local administrative organizations. This partnership is expected to boost inspection efficiency, mitigate risks, and bolster confidence in insurance coverage, thereby offering tangible public protection. Both agencies emphasize the importance of data confidentiality, adhering strictly to laws such as the Personal Data Protection Act (PDPA) and the Cybersecurity Act, ensuring that data exchanges are transparent and align with good governance principles.
The Secretary-General of the OIC emphasized that the integration of insurance data through an electronic system is pivotal to this collaboration. This integration will enable regulatory bodies to swiftly verify insurance policy coverage, reduce data redundancy, and improve the regulation efficiency of the energy sector. It ensures that Type 3 regulated businesses maintain the necessary continuous insurance coverage as mandated by law.
The connection to the OIC's central digital database will facilitate real-time verification of insurance coverage status, decreasing the administrative burden on businesses regarding policy documentation. It will streamline the license issuance process by reducing steps, time, and errors. Additionally, it will enhance security with an automatic notification system for expiring insurance policies, ensuring uninterrupted protection for the public's lives and property at fuel establishments regulated by the Department of Energy.