Asian News - Cambodia: Govt to draft new life insurance regulations
Source: Asia Insurance Review | May 2016
The Ministry of Economy and Finance will draft new regulations for the life insurance sector, which grew from US$60 million in 2014 to $80 million last year, according to a senior official.
The Ministry, which regulates the insurance industry, will also introduce regulations protecting insurance agents, reported the Khmer Times.
Mr Chhay Rattanak, the Deputy General Director of the Finance Industry at the Ministry, said: “The increasing growth in the insurance sector has pushed the regulator to adopt laws and other detailed procedures to comply with rules in the region and the Ministry’s financial economy policy, which is focused on developing and managing this sector with more effectiveness.
“Currently, the Ministry has no regulations to protect insurance agents, so we will make a draft and discuss it with the life insurance sector.”