LAW AND ECONOMICS BY THE GOVERNMENT'S ECONOMIC INTERVENTIONISM: A CASE STUDY OF INSURANCE BUSINESS

Abstract

 The purposes of this research was to analyze government's economic interventionism analysis of Insurance business. The insurance business is crucial to social security and the financial system. Two categories of insurance exist in Thailand: non-life insurance and non-life insurance, with the latter being separated. In addition to creating a legal structure to set regulations for the insurance business and maintain insurance companies' compliance, the goal is to safeguard the insured or beneficiaries of the insurance policy in line with the principles of preserving property rights and industrial and commercial freedom. Clear legal requirements are lacking in the Coronavirus 2019 (COVID-19) contract, in accordance with the premise of state-run intervention. Therefore, in violation of civil and commercial regulations, the Insurance Commission has permitted insurance companies and non-life insurers to provide coronavirus 2019 insurance to the general public. Moreover, the Corona 2019 insurance company was canceled due to a lack of support from insurance companies that did not conduct an evaluation of their capacity to assume liability for insurance policyholders. The public's general faith in insurance has been negatively impacted by the committee's lack of liquidity. To maintain public confidence, the Insurance Commission should create restrictions on the insurance coverage of Corona 2019 by establishing higher securities than insurance based on the new disease's risk profile. In order to maintain trust in Thailand's insurance system, a stringent new insurance policy will also be established.