THAI MINISTRY INCREASES INSURERS OVERSEAS INVESTMENT CAP

Thailand’s Commerce Ministry has increased the cap on local insurers’ overseas investment limits to 8.5% of total assets from 7%. The move came as the Ministry expressed concerns at the strength of the Thai baht. Insurers wishing to invest more overseas will first need to apply for approval from the Insurance Department. The Department’s director-general, Chantra Purnriksha, said that the relaxation on investment restrictions should raise the level of offshore investments to some 56bn baht ($1.87bn). Thai Life Assurance Association president Sara Lamsam said that the move would probably result in more funds being invested abroad, adding that “we want to remind people that the regulation alone will not determine our interest. We have to measure all investment-related factors.”