Syn Mun Kong Insurance PCL (SMK) insisted that it would not shut down and already filed its rehabilitation petition with the Central Bankruptcy Court.
The company stated that it filed for rehabilitation with the court on May 17 and the court accepted the petition. The court will examine the petition on Aug 15.
The rehabilitation intention was aimed at solving SMK’s failure to pay lump-sum compensation for COVID-19 infection to its policy holders. The company said it expected fair and legal solutions for all parties concerned.
The company would continue with its business operations pending the rehabilitation process and they would include coverage for its insurance services such as car insurance, fire insurance and marine insurance. (TNA)