Road Accident Victims Protection Company Limited has been established under section 10 bis of the Protection for Motor Vehicle Victims Act B.E. 2540 (Volume.3), the revised version of the Protection for Motor Vehicle Victims Act B.E. 2535. This revised version was published in the Royal Gazette, Volume 114, and Part 72, dated 16 November 1997, to facilitate road accident victims to receive compensation conveniently as in some areas did not have branches of insurance companies.
The Company was registered on February 24th, 1998 with a registered capital of 100 million baht, comprising 10 million ordinary shares, each with a par value of 10 baht. The shareholders included 71 insurance companies. Later, some of the non-life insurance companies have gone out of business. Therefore, at the present, there are 58 insurance companies remaining as shareholders.
Road Accident Victims Protection Co., Ltd. was established with the following objectives:
1. To serve concerning with the petition receiving and indemnification or any payment according to the Protection for Motor Vehicle Accident Victims Act B.E. 2535 and the activities according to the company or the office of the victim compensation funds assigned.
2. Proceeding business only on non-life insurance for motor vehicle insurance according to the Protection for Motor Vehicle Accident Victims Act with the Ministerial committee's approval.
3. Performing other business according to the Minister's stipulation.
Section 10 of the Protection of Road Accident Victim Act B.E. 2535 (A.D. 1992), amendment (volume 3) B.E. 2540 (2003) has prescribed the first priority mission for the Road Accident Victims Protection Co., Ltd. as "the Road Accident Victims Protection Co., Ltd. shall establish the operational branches in every provinces including Bangkok within one year from the effective date of this act. With regard to the additional operation premise to be consistent with the demand of service provided to the Road Accident Victim, it shall be done according to the prescription of Director-General of the Department of Insurance, under the recommendation of the Committee." The management and the employees were well aware of such mission, has used the meeting room of The Thai General Insurance Association (TGIA) and the meeting room of Thai Insurer Datanet Co., Ltd (TID) as a temporary office in order to define the operation plans and guidelines to achieve the objectives as assigned. On June 12th, 1998, the Head Office was officially established at Office No. 65/42 A, 3rd Floor, Chamnan-Penchati Business Center Building, Rama 9 Road, Huay Kwang, Bangkok. After that, the branches were respectively established according to the plan. Finally, on November 12th, 1998, the company was able to successfully set up branches in all 76 provinces nationwide to provide services to Road Accident Victim as prescribed by the law. On June 12th, 2007, Road Accident Victims Protection Co., Ltd. has moved to the new Head Office at No. 44/1, Rungrojthanakul Building, 11th floor, Ratchadapisek Road., Huay Kwang, Bangkok and on February 1st, 2018 RVP has moved to new Head Office at 26 Soi Sukhumvit 64/2 Sukhumvit Road, Phrakhanong Tai, Phrakhanong, Bangkok.
Road Accident Victims Protection Co., Ltd. started to provide services on receiving claim petition and paying compensation on June 12th, 1998. Later, many insurance companies encountered a loss from the risk of motorcycle insurance, and as a consequence a number of insurance companies were not ready to insure the risk from this type of vehicle. In order to solve such problem, the Cabinet therefore passed a resolution on March 2, 1999 prescribing that the Company shall underwrite only the motorcycle insurance under the Protection for Motor Vehicle Victims Act, as another alternative for people to buy this type of insurance. This is considered as an additional mission besides receiving claim petition and paying compensation. The company has accelerated its operation to ensure that all the branches were able underwrite motorcycle insurance simultaneously across the country, since April 16th, 1999 onwards.