Cambodia's insurance regulator, the Insurance Regulator of Cambodia (IRC) has officially joined the Asian Forum of Insurance Regulators (AFIR) as a full member, according to news platform the Khmer Times.
This development will help the IRC strengthen international cooperation and enhance its regulatory compliance in the insurance sector. AFIR will also offer the IRC opportunities to access regional insights into regulatory innovations, exchange information, take a look at best risk management practices and address challenges such as climate change, among others.
According to the IRC, its admission into AFIR is in line with its goals set under the Cambodia Strategic Development Plan for the Insurance Sector (2021-2030).
“It reaffirms IRC’s commitment to align with international standards, protecting policyholders, and promoting good governance and a sustainable insurance sector in Cambodia,” said the regulator.