Good Corporate Governance
Guidelines for alliances and business partners
Bangkok Life Assurance Public Company Limited (“the Company”) focus on liquidity management and cash management. The average credit term is set within 30 days which depends on the type of business partner and considering from various factors related, such as the duration of business cooperation, quality standards of products and services. In this regard, the Company has agreed with each business partner to be consistent and in accordance with The Securities and Exchange Commission (SEC) prescribed standard policies and adhere to the principles of fair dealing with all business partners with the following guidelines:
- Consider affiliate business partners with fair business practices, proficient passed the evaluation and selection criteria to be able to run a business that meets expectations and create business partner engagement. To deliver services and products that cover a wide range of needs to customers.
- Participate in the development of a variety of products and create many service channels that is comprehensive and convenient by listening to opinions from all business partners. To support the operations of partners and create business growth together.
- Prepare a contract that clearly states the scope of duties and responsibilities between the Company and business partners, processing time, compensation amount and the period of payment of compensation, payable by installments or credit terms which is on average 30 days from the date of receipt of goods or services ,complete documents and authorized which is in accordance with the terms of the contract. By adhering to the principle of accuracy and on time. If there is a case that does not meet the conditions, it will be clarified to the responsible department to communicate directly with business partners.
The average credit terms of payments to alliances and business partners
| Type | The average credit terms |
|---|---|
| Reinsurance | The average credit terms are 30 days after confirming the amount with reinsurance company. (In case payment is required) |
| Compensation | The average credit terms are 15 days after the first year policy is issued and the date of premium receipt issuance. |
| Procurement | The average credit terms are 15 days after receipt goods. |
| Expense from contract | The average credit terms are 15 days after receipt invoice. |
| Fax claim | The average credit terms are 15 days after receipt invoice. |
In case that the payment cannot be made according to the guidelines for alliances and business partners (Which does not happen often) because the documents supporting the transaction are still incomplete. There will be clarified to the responsible department to communicate directly with business partners.
