Foreign shareholding in insurance activities is limited up to 49% of total voting capital and the majority of the board of directors must be Thai citizens.
[Obs.: as indicated by legal practitioners in Thailand: the notification issued in Janurary 2017 by the Minister of Finance does not change the foreign shareholding limits established by the law; it only clarifies the rules, conditions and procedures for an insurance company to request the authorisation of the Ministry of Finance to hold foreign shareholding in excess of the limitations established by law. This, however, is only possible on an exceptional basis in the event that the company's standing or operations are of a condition that might cause damage to the insured or the public, or for the purpose of strengthening the stability of any company or the stability of the Thailand's insurance business industry (For more information, please see Kennedys, 2017 and Tilleke & Gibbins International, 2017)].
"[...] Chapter I - Company [...]
Section 109. A company must have Thai nationals holding at least 75 percent of the total number of its voting shares that have been sold, and not less than three-fourths of the total number of its directors must be Thai nationals.
In case where the Commission deems it appropriate, the Commission may permit persons of non-Thai nationality to hold shares up to 49 percent of the total number of voting shares that have been sold, and permit persons of non-Thai nationality to serve as directors in a number exceeding onefourth, but less than one-half, of the total number of directors. 
In the event that the company's standing or operations are of a condition that might cause damage to the insured or the public, or for the purpose of strengthening the stability of any company or the stability of the life insurance business, the Minister, upon the recommendation of the Commission, is empowered to grant a waiver to permit the company to have shareholders or directors other than as specified in the second paragraph. The application for, and the granting of, permission under the second paragraph, as well as the application for, and the granting of, a waiver under the third paragraph shall be in accordance with the regulations, procedures, and conditions or time limits prescribed by the Commission or the Minister.When permission is granted by the Commission, or a waiver is granted by the Minister, the
Office of Insurance Commission shall announce that permission or waiver, together with the reasons and conditions or time limits, in the Government Gazette [...]"(LIFE INSURANCE ACT, B.E. 2535 (1992), as amended by Life Insurance Act No. 2, B.E. 2551(2008))
------------------------------
"[...] Chapter I - Company [...]
Section 9. A company must have Thai nationals holding at least 75 percent of the total number of its voting shares that have been sold, and not less than three-fourths of the total number of its directors must be Thai nationals. In case where the Commission deems it appropriate, the Commission may permit persons of non-Thai nationality to hold shares up to 49 percent of the total number of voting shares that have been sold, and permit persons of non-Thai nationality to serve as directors in a number exceeding onefourth, but less than one-half, of the total number of directors.
In the event that the company's standing or operations are of a condition that might cause damage to the insured or the public, or for the purpose of strengthening the stability of any company or the stability of the non-life insurance business, the Minister, upon the recommendation of the Commission, is empowered to grant a waiver to permit the company to have shareholders or directors other than as specified in the second paragraph.
The application for, and the granting of, permission under the second paragraph, as well as the application for, and the granting of, a waiver under the third paragraph shall be in accordance with the regulations, procedures, and conditions or time limits prescribed by the Commission or the Minister.
When permission is granted by the Commission, or a waiver is granted by the Minister, the Office of Insurance Commission shall announce that permission or waiver, together with the reasons and conditions or time limits, in the Government Gazette.[...]"(Non-Life Insurance Act B.E. 2535 (Amended by Non-Life Insurance Act (No. 2) B.E. 2551 and (No. 3) B.E. 2558))
------------------------------
"[...] Clause 4. A company that wishes to file an application with the Minister for relaxation of the regulation, upon the recommendation of the Commission under this notification, in order for a non-Thai person to hold shares in excess of 49 percent of its total voting shares sold, or for directors who are non-Thai persons to comprise more than one-half of the total number of its directors, must meet the following criteria: (1) have a capital adequacy ratio ("CAR") not lower than the rate specified in the Notification of the Insurance Commission re: Prescribing the Types and Categories of Capital Funds, Including the Rules, Procedures, and Conditions for Calculating Capital Funds of Life Insurance Companies; and (2) have a business operation plan to strengthen the security of the life insurance company and life insurance business as a whole.
Clause 5. A non-Thai person for whom relaxation will be sought by the company in order to hold its shares according to clause 4 must be an insurance company, or a company in a business sector that is related to and supports the undertaking of an insurance business, and must have the following qualifications: (1) have no less than 10 years of expertise and experience that are relevant to and support the undertaking of an insurance business; (2) have financial and operational security, with a credit rating of itself or its parent company not below "A" from a recognized credit rating agency, and with an international network of business operations; (3) have an explicit business operation policy and a plan for the transfer of technology and expertise, in order to develop the company's management system and enhance its business operation capability and competitiveness; and (4) be able to provide financial support to enable the company to implement the business operation plan specified in clause 4(2) as well as to continue its business with security and stability. [...]"(Notification of the Ministry of Finance Re: Rules, Procedures, and Conditions, or Time Limits for the Application for, and the Granting of, Relaxation for a Non-Thai Person to Hold Shares in Excess of 49 Percent of the Total Voting Shares Sold, or for Directors who are Non-Thai Persons to Comprise More than One-half of the Total Number of Directors in Order to Strengthen the Security of a Life Insurance Company, or to Strengthen the Security of Life Insurance Business, B.E. 2559 (2016))"
------------------------------
"Clause 4. A company that wishes to file an application with the Minister for relaxation of the regulation, upon the recommendation of the Commission under this notification, in order for a non-Thai person to hold shares in excess of 49 percent of its total voting shares sold, or for directors who are non-Thai persons to comprise more than one-half of the total number of its directors, must meet the following criteria:
(1) have a capital adequacy ratio ("CAR") not lower than the rate specified in the Notification of the Insurance Commission re: Prescribing the Types and Categories of Capital Funds, Including the Rules, Procedures, and Conditions for Calculating Capital Funds of Non-Life Insurance Companies; and
(2) have a business operation plan to strengthen the security of the non-life insurance company and non-life insurance business as a whole.
Clause 5. A non-Thai person for whom relaxation will be sought by the company in order to hold its shares according to clause 4 must be an insurance company, or a company in a business sector that is related to and supports the undertaking of an insurance business, and must have the following qualifications:
(1) have no less than 10 years of expertise and experience that are relevant to and support the undertaking of an insurance business;
(2) have financial and operational security, with a credit rating of itself or its parent company not below "A" from a recognized credit rating agency, and with an international network of business operations;
(3) have an explicit business operation policy and a plan for the transfer of technology and expertise, in order to develop the company's management system and enhance its business operation capability and competitiveness; and
(4) be able to provide financial support to enable the company to implement the business operation plan specified in clause 4(2) as well as to continue its business with security and stability."(Notification of the Ministry of Finance Re: Rules, Procedures, and Conditions, or Time Limits for the Application for, and the Granting of, Relaxation for a Non-Thai Person to Hold Shares in Excess of 49 Percent of the Total Voting Shares Sold, or for Directors who are Non-Thai Persons to Comprise More than One-half of the Total Number of Directors in Order to Strengthen the Security of a Non-Life Insurance Company, or to Strengthen the Security of Non-Life Insurance Business, B.E. 2559 (2016))
LIFE INSURANCE ACT, B.E. 2535 (1992), as amended by Life Insurance Act No. 2, B.E. 2551(2008))
NON-LIFE INSUREANCE ACT B.E. 2535 (Amended by Non-Life Insurance Act (No. 2) B.E. 2551 and (No. 3) B.E. 2558)
Notification of the Ministry of Finance Re: Rules, Procedures, and Conditions, or Time Limits for the Application for, and the Granting of, Relaxation for a Non-Thai Person to Hold Shares in Excess of 49 Percent of the Total Voting Shares Sold, or for Directors who are Non-Thai Persons to Comprise More than One-half of the Total Number of Directors in Order to Strengthen the Security of a Life Insurance Company, or to Strengthen the Security of Life Insurance Business, B.E. 2559 (2016)
[<a href="http://www.oic.or.th/sites/default/files/content/84240/883-4137.pdf">Act</a>],[<a href="http://www.oic.or.th/sites/default/files/content/86505/unofficial-non-life-insurance-act-b.e.2535-amended-2551-and-2558.pdf">Act</a>],[<a href="http://www.oic.or.th/sites/default/files/content/88133/87.prakaaskrathrwngkaarkhlang-ministry-finance-notification-non-thai-holding-more-49-percent-shares.pdf">Notification</a>],[<a href="http://www.oic.or.th/sites/default/files/content/88134/88.prakaaskrathrwngkaarkhlang-ministry-finance-notification-non-thai-holding-more-49-percent-shares.pdf">Notification</a>],[<a href="https://www.tilleke.com/sites/default/files/2017_Feb_Thailand_Insurance_Market_Liberalization.pdf">Other</a>],[<a href="https://www.kennedyslaw.com/thought-leadership/article/thailand-clarity-on-obtaining-permission-for-majority-foreign-ownership-in-insurers">Other</a>]