Tuesday, December 12, 2017

Cambodia sets new regulations for life insurance sector

The Cambodian government has announced new regulations for the country’s life sector after penetration rose three-fold during 2015.

Chhay Rattanak, deputy general director of the finance industry at the country’s Ministry of Economy, said the growth in the insurance sector has pushed the regulator to adopt laws and other detailed procedures to comply with rules in the region.

Among the regulations that the ministry seeks to implement would be the further protection of agents.

According to Rattanak, about half a million people had life insurance, worth about US$22 million last year, up three-fold from the year before.

The country’s life market also grew from US$60 million in 2014 to US$80 million last year.

Rattanak said the ministry will consult all insurance companies to gain their input in order to make the new regulations more effective.

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