Cambodia, Laos agree to amplify insurance ties
Cambodia, Laos agree to amplify insurance ties
The Insurance Regulator of Cambodia (IRC) and Department of Enterprises and Insurance Supervision (SOEI) of the Laos’s Ministry of Finance, yesterday signed a memorandum of understanding (MoU) to promote insurance cooperation.
The MoU was signed by Bou Chanphirou, Director General, Insurance Regulator of Cambodia (IRC) and Phaitoun Thienglamay, Director General of the SOEI at the Non-Bank Financial Services Authority Building in Phnom Penh.
The signing of the MoU event was attended by distinguished guests from the NBFSA management, regulators under NBFSA, the Insurance Association of Cambodia, and various insurance companies.
The MoU is aimed at helping both insurance supervisors maintain efficient, fair, safe, and stable insurance markets in Lao PDR and the Kingdom of Cambodia.
In addition, the MoU establishes a framework focusing on supporting each other through mutual assistance, contingent capacity building and the exchange of insurance and insurance-related experiences concerning their governing laws, regulations and requirements including but not limited to the establishment of national reinsurers.
It also aimed at providing mutual assistance and exchanging information for drafting the regulations on Insurance Product Governance, including terms and conditions for microinsurance, digital products and any new types of insurance product, governance and control.
The two sides will collaborate by providing mutual assistance and exchanging experiences upon the implementation of the Sandbox Project, share experience on Anti-Money Laundering (AML) mechanism and implementation in terms of AML and insurance supervision, and collaborate by sharing experiences and best practices on Disaster Risk Financing.
This Memorandum of Understanding will benefit both regulators, and IRC looks forward to a fruitful partnership and cooperation that can effectively serve the communities of both countries, Chanphirou said.
“This Memorandum of Understanding will benefit both regulators, and he looks forward to a fruitful partnership and cooperation that can effectively serve the communities of both countries,” he said.
The Cambodian insurance market has 18 general insurance companies, 14 life insurance companies, seven microinsurance companies, one re-insurance company, 20 insurance brokers, 39 insurance agents, three loss adjustors, two claim managements and one actuarial company.
The insurance industry logged a gross premium of $356.4 million in 2024, an increase of 3.5 percent compared to 2023, an IRC report showed.
source ៖ Khmer Times
