Cambodia Insurance Industry – Governance, Risk and Compliance
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Cambodia Insurance Industry Regulation Overview
The Ministry of Economy and Finance (MEF) and Insurance Regulator of Cambodia (IRC) regulate the Cambodian insurance industry along with other regulators and supervisors including the International Association of Insurance Supervisors (IAIS) and the General Insurance Association of Cambodia (GIAC).
The Cambodia insurance industry governance regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.
Key Regulators | · Ministry of Economy and Finance (MEF)
· Insurance Regulator of Cambodia (IRC) · International Association of Insurance Supervisors (IAIS) · General Insurance Association of Cambodia (GIAC) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance · Liability Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Cambodia Insurance Industry – Key Regulators and Legislation
Ministry of Economy and Finance (MEF): The MEF is the insurance regulatory body of Cambodia with 20 departments operating under it. The Financial Industry Department contains an insurance division for the regulation of the country’s insurance industry. The MEF accounts for the administration of financial and economic policies and affairs in the Kingdom of Cambodia. A few of the key responsibilities of the MEF include developing a sound insurance industry in the country and instilling confidence in the general public about the Cambodian insurance industry.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The laws regulating the Cambodia insurance industry are:
- The Insurance Law 2014
- Sub-decree on Insurance 2001
- Inter-ministerial Prakas on Motor Vehicle or Third-Party Liability Insurance 2002
- Inter-ministerial Prakas on Compulsory Insurance of Passenger Transport 2002
- Inter-ministerial Prakas on Compulsory Insurance of Construction Site 2002
- Prakas on Licensing of General and Life Insurance Business
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Cambodia Insurance Industry - Compulsory Insurance
A few of the compulsory insurances required within the Cambodia insurance industry are:
- Motor Third-Party Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
- Liability Insurance
Compulsory Insurance in Cambodia
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Cambodia Insurance Industry - Company Registration and Operation
A license is required to operate in the Cambodian insurance industry. Under the provisions of the Insurance Law 2014, insurers, reinsurers, and intermediaries are required to obtain a license and authorization from the MEF to operate any business in Cambodia. Only a public limited company, in the form of state-owned, private, or mixed companies, can carry out insurance in the country. A foreign insurer must establish a locally incorporated company.
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Cambodia Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Cambodia. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Tax on income (ToI) in Cambodia is imposed following the laws and provisions specified by the General Department of Taxation. Resident companies are those that are registered to have their management in the country. Resident companies are subject to tax on their global income, whereas non-resident companies are taxed only on income sourced from Cambodia.
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Scope
This report provides:
- Details of the insurance regulatory framework in Cambodia.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
- Analysis of the rules and regulations for the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The Ministry of Economy and Finance supervises the Cambodian insurance industry.
- Non-admitted insurance is permitted only for insurance of marine, cargo imports and reinsurance.
- A new insurance law was introduced in Cambodia replacing the Insurance Law 2000.
- Composite insurance is permitted in Cambodia.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Cambodia.
- Track the latest regulatory changes and expected changes impacting the Cambodian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices about various types of insurance products.
Table of Contents
Table
Frequently asked questions
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Which are the key regulators of the Cambodian insurance industry?
The Ministry of Economy and Finance (MEF) and the Insurance Regulator of Cambodia (IRC) are the key regulators of the Cambodian insurance industry.
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Which other bodies oversee the Cambodian insurance industry?
The International Association of Insurance Supervisors (IAIS) and the General Insurance Association of Cambodia (GIAC) are the regulatory and supervisory bodies that oversee the operations of the Cambodian insurance industry.
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Which are the compulsory insurances required within the Cambodia insurance industry?
A few of the compulsory insurances required within the Cambodia insurance industry are motor third-party liability insurance, marine liability insurance, professional indemnity insurance, social security insurance, and liability insurance.
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What are the taxes imposed upon the Cambodia insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Cambodia. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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