SET-listed Syn Mun Kong Insurance announced on Friday that it will indefinitely cease accepting new insurance policy applications of all kinds, after the Central Bankruptcy Court revoked an order placing the company in a rehabilitation plan.
The company filed for court-sanctioned rehabilitation, a form of legal bankruptcy protection, after it suffered tremendous losses on its COVID-19 insurance coverage, under the slogan “Find, Pay, End”, during the pandemic. The company accumulated about 30 billion baht in overdue compensation, owed to COVID policy holders. It entered rehabilitation and stopped paying compensation on April 25th last year.
According to yesterday’s court order, the company will resume responsibility for its management and begin compensating the insured.
One of those insured posted a message on his Facebook page, urging other COVID policy holders to prepare their evidence to claim compensation from the company.
Two other non-life insurance companies, The One and Asia Insurance, also entered court-sanctioned rehabilitation programs.
