Muang Thai Insurance Public : Notification of change of the business operation of ST-MTI in the Lao PDR in order to comply with the insurance law (Amendment) of the Lao PDR
July 12, 2022 at 11:44 am
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CSO. 015/2022
12 July 2022
Re:
Notification of change of the business operation of ST-Muang Thai Insurance Company Limited in the
Lao People's Democratic Republic in order to comply with the insurance law (Amendment) of the Lao
People's Democratic Republic (Lao PDR)
To:
The President
Stock Exchange of Thailand
Muang Thai Insurance Public Company Limited ("Company") has been investing in ST-Muang Thai Insurance Company Limited with the license to operate life and non-life insurance business in Lao PDR on 14 July 2013. Referring to the insurance law (Amendment) No. 78/Sor.Por.Chor., effective on 14 April 2020 specifies that the insurance business is a business operation of life and non-life insurances, including reinsurance. Any legal entity is allowed to operate only one type of insurance business.
In order to continuously invest in life and non-life insurance businesses in Lao PDR, the Company wishes to separate the business into life and non-life insurances in order to comply with the law of Lao PDR. ST-Muang Thai Insurance Company Limited, the current company, will only operate life insurance business and change its name to ST-Muang Thai (Life Assurance) Company Limited. There will be no change in the shareholding structure and proportion and no change in the registered capital for the newly established company which is ST-Muang Thai (General Insurance) Company Limited which will only operate the non-life insurance business.
In addition, the Company will hold the shares in ST-Muang Thai (General Insurance) Company Limited in a proportion of 22.5%, together with Muang Thai Life Insurance Public Company Limited and ST Group Sole Company Limited which will hold 22.5% and 55% of the shares respectively. The Company has set the investment fund in ST-Muang Thai (General Insurance) Company Limited in Lao PDR with the limit of THB 50,000,000 (Fifty Million Baht). Besides, the Company's Board of Directors had considered and approved the investment project in the non-life insurance business: ST-Muang Thai (General Insurance) Company Limited per the details appearing in the minutes of the Board of Directors' meeting No. 3/2021 held on 27 July 2021. The registrar of the Office of Insurance Commission had approved this matter on 8 July 2022 and informed the Company on 11 July 2022 with the following details.
Change of the business operation of ST-Muang Thai Insurance Company Limited in Lao PDR from the life and non-life insurance businesses to life insurance business only and changed its name to ST-Muang Thai (Life Assurance) Company Limited, without changing the shareholding structure and proportion, and without changing the registered capital.
Investment in ST-Muang Thai (General Insurance) Company Limited in Lao PDR to carry on non-life insurance business in the amount not exceeding THB 50,000,000 (Fifty Million Baht) at 22.5% of shareholding, representing a total investment of LAK 10,350,000,000 (Ten Thousand Three Hundred Fifty Million Lao Kip) or about THB 35,160,000.
Such investments are not subject to the transaction to be reported according to the criteria for acquisition and disposal of assets of listed companies, but it is a report concerning joint ventures with other companies.
Kindly acknowledge this notification.
Sincerely yours,
(Mrs. Nualphan Lamsam)
President and Chief Executive Officer
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Muang Thai Insurance pcl published this content on 12 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 July 2022 10:43:05 UTC.
Muang Thai Insurance Public Company Limited is a Thailand-based company. The Company is principally engaged in providing non-life insurance and has approximately 22 sub-branches located in provinces. The Company operates through two segments: Motor and Non-motor. Motor products include insurance of compulsory and voluntary motor. Non-motor products include insurance of property, marine and transportation, engineering, personal accident and health, special products and liability and miscellaneous insurance. The Companyâs products include travel insurance, accident and health insurance, car insurance, fire and property insurance, business insurance, and other insurance. Its services include Car Insurance Claims Service, Online Customer Information Services, Accident and Health Insurance Claims, Other Services, Muangthai Claim DI, and notification of income tax exemption for health insurance.
Muang Thai Insurance Public : Notification of change of the business operation of ST-MTI in the Lao PDR in order to comply with the insurance law (Amendment) of the Lao PDR
MUANG THAI INSURANCE 
