Senator Suntorn urges the government and Finance Ministry to solve the Non-Life Insurance Fund's 53 billion baht debt, promoting a refinancing and bond issuance model to clear insurance victims' claims.
On 27 Jul 2026 GMT+7, Senator Suntorn Pruksapipat, chairman of the Senate Consumer Protection Subcommittee, addressed the crisis of the Non-Life Insurance Fund's outstanding debt exceeding 53 billion baht. This debt stems from insurance companies going bankrupt after the COVID-19 crisis, affecting over 600,000 policyholders and victims who have not received compensation for more than five years. This delay has allowed fraudsters to impersonate victims and scam money from the public. As chairman, he proposed urgent policy-level solutions as follows.
1. The Finance Ministry and government leaders must intervene directly, as the 50-60 billion baht debt and over 600,000 victims represent a macroeconomic crisis beyond the fund's capacity. The fund's main income is only about 1.3–1.4 billion baht annually, meaning repayment could take 30–40 years. The Finance Minister and Prime Minister must acknowledge the problem and personally address it to prevent a domino effect of lost trust in the country's financial institutions and insurance business.
2. To prevent citizens from waiting in vain, a proactive debt management model is proposed. The fund should transform into a debtor in good standing and borrow from financial institutions to provide lump-sum payments to victims within 2–3 years. The fund would then repay the banks over the long term, as the insurance business is a foundational sector expected to last 40–50 years. The fund's annual contribution income can cover long-term loan repayments with interest. Additionally, issuing bonds supported by the Finance Ministry through guarantees or budget backing to raise funds is proposed, expecting quick public acceptance.
3. Regulatory reforms and public participation on the board.
Senator Suntorn also emphasized the need for future preventive measures to avoid recurrence, including stricter controls on insurance sales, curbing fraud and high-risk policies from the outset, monitoring insurance company capital registration, and supervision by the Office of Insurance Commission. He proposed revising regulations to include experts, insurance association representatives, or public delegates on the fund's board to enhance transparency and comprehensive oversight.
"The insurance business is a financial institution that will remain in the country for another 50 years. The fund should borrow money to compensate people gradually instead of making them wait 50 years. I believe that with proper management, this problem can be resolved within 2–3 years." Senator Suntorn said.