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Bangkok Post
Bangkok Post
Business

GIF rejigs borrowing rules for major liquidity boost

Insurance OIC Krisada Chinavicharana Finance Ministry

The General Insurance Fund (GIF) has revised regulations to allow it to borrow more to increase liquidity in case the Office of the Insurance Commission (OIC) shuts down more insurance companies in the future, says permanent finance secretary Krisada Chinavicharana.

He said the GIF has adequate funds now of 5 billion baht and can still service insurance claims for companies shuttered by the OIC following their failure to reimburse Covid-19 policy claims for their customers.

A Finance Ministry source who requested anonymity said it is uncertain how much the GIF will borrow, but is expected to be around 10 billion baht.

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