Bangkok, The OIC oversees insurance companies to maintain capital funds (RBC) to support Financial Reporting Standard No. 17 "Insurance Contracts". Miss Chayanin Kerdphonngam, Assistant Secretary-General Supervision Standards Development Line The Office of the Insurance Commission revealed that according to Thailand's financial reporting standards related to insurance contracts, changes must be made to comply with international financial reporting standards that will change as a result of the enforcement of the standards. Financial Reporting No. 17 on Insurance Contracts (TFRS17) in 2025 Such standards are complex. And there are accounting practices that are very different from today. This has resulted in significant changes in the accounting practices and operations of insurance companies. Therefore, in mid-February, the OIC has prepared to develop a framework for maintaining capital funds (RBC) in order to Supports the impact of Financial Reporting Standard No. 17 on insurance contracts. Mr. Chuchat Pra munphon, Secretary-General of the Insurance Business Regulatory and Promotion Commission (Secretary-General of the OIC), presided over the opening of the meeting. along with executives Officials from the OIC Office and a working group from KPMG Phoomchai Business Advisory Company Limited attended the hearing at the meeting room of the OIC Office, Ratchadaphisek Road, Bangkok and through electronic media. Prepare for the insurance business to put TFRS17 into practice, as well as raise the standard of insurance business supervision of the Office of the Insurance Commission to be in line with international standards. Therefore, it has created the "Project to develop a framework for maintaining capital funds according to risk levels in order to... Supporting the impact of Financial Reporting Standards No. 17 on Insurance Contracts' jointly between the Office of the OIC and project advisor KPMG Phoomchai Business Advisory Company Limited. To study the development of financial stability supervision criteria that a re appropriate for the insurance business context in Thailand and consistent with international standards regarding capital maintenance according to risk levels and the valuation of assets and liabilities. and so that the results of the project bring great benefits to the insurance system. In addition, the Office of the OIC together with KPMG Phoomchai Business Advisory Company Limited prepared a questionnaire for use in studying, analyzing, and improving capital fund maintenance criteria according to risk levels to accommodate the impact from the enforcement of TFRS17. An clarification meeting was also held to provide advice on how to answer questionnaires for the insurance business sector. This project is divided into 3 phases: the first phase will be a study on the impact of the enforcement of TFRS17 in the That is related to the level of grouping of insurance contracts (Level of Aggregation) and the scope of insurance contracts (Contract Boundary) because they are the initial categories that have an impa ct on other categories of study. Phase 2 will study various categories such as cash flow for Obligations (Future Cashflow) and discounting (Discounting), etc. And the third phase will be a market test to assess the quantitative impact from the development of the criteria. To the Thai insurance sector For Financial Reporting Standard No. 17, Insurance Contracts It is a detailed and complex matter. Therefore, every phase of the project requires cooperation from the business sector. In order for the insurance company to understand the intentions Able to provide complete information for project operations. The Office of the OIC can use the information received to process, analyze and improve capital fund maintenance criteria according to risk levels to accommodate the impact of the enforcement of TFRS17 and the impact of Insurance companies can be more efficient. Source: Thai News Agency