Summary
GlobalData’s "Governance, Risk and Compliance - The Cambodian Insurance Industry", report is the result of extensive research into the insurance regulatory framework in Cambodia.
It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Cambodia, including -
- An overview of the insurance regulatory framework in Cambodia.
- The latest key changes, and changes expected in the country’s insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Cambodia.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.
Key Highlights
- The Ministry of Economy and Finance supervises the Cambodian insurance industry.
- 100% FDI is permitted in the Cambodian insurance industry.
- Non-admitted insurance is permitted only for insurance of marine, cargo imports and reinsurance.
- New insurance law introduced in Cambodia replacing the Insurance Law 2000.
- Composite insurance is permitted in Cambodia.
Scope
- The report covers details of the insurance regulatory framework in Cambodia.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to buy
- 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 pertaining to various types of insurance product.
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Table of Contents
1 INTRODUCTION 6
1.1 What is this Report About? 6
1.2 Definitions 6
2 GOVERNANCE, RISK AND COMPLIANCE 8
2.1 Legislation Overview and Historical Evolution 9
2.2 Latest Changes in Regulation 11
2.3 Legislation and Market Practice by Type of Insurance 15
2.3.1 Life insurance 17
2.3.2 Property insurance 18
2.3.3 Motor insurance 20
2.3.4 Liability insurance 21
2.3.5 Marine, aviation and transit insurance 21
2.3.6 Personal accident and health insurance 22
2.4 Compulsory Insurance 24
2.4.1 Liability insurance for contractors 24
2.4.2 Motor third-party liability insurance 25
2.4.3 Insurance for passenger liability on public transport 26
2.4.4 Worker’s compensation 26
2.4.5 Professional indemnity insurance for insurance brokers 27
2.4.6 Liability insurance for ships with respect to oil pollution 27
2.5 Supervision and Control 29
2.5.1 International Association of Insurance Supervisors 29
2.5.2 Ministry of Economy and Finance 30
2.5.3 General Insurance Association of Cambodia (GIAC) 30
2.6 Non-Admitted Insurance Regulations 31
2.6.1 Overview 31
2.6.2 Intermediaries 31
2.6.3 Market practices 31
2.6.4 Fines and Penalties 32
2.7 Company Registration and Operations 33
2.7.1 Type of insurance organization 34
2.7.2 Establishing a local company 34
2.7.3 Foreign ownership 35
2.7.4 Types of license 36
2.7.5 Capital requirements 37
2.7.6 Solvency margin 37
2.7.7 Reserve requirements 38
2.7.8 Investment regulations 39
2.7.9 Statutory return requirements 39
2.7.10 Fee structure 40
2.8 Taxation 41
2.8.1 Insurance premium or policy taxation 41
2.8.2 Withholding taxes on premium paid overseas 41
2.8.3 Corporate tax 41
2.8.4 VAT 42
2.8.5 Captives 42
2.9 Legal System 43
2.9.1 Introduction 43
2.9.2 Access to court 43
2.9.3 Alternative dispute resolution 44
3 APPENDIX 46
3.1 Methodology 46
3.2 Contact GlobalData 46
3.3 About GlobalData 47
3.4 GlobalData’s Services 48
3.5 Disclaimer 49
List of Tables
Table 1: Insurance Industry Definitions 6
Table 2: Cambodia - Insurance Regulatory Framework Key Features 8
Table 3: Cambodia - Life Insurance Regulatory Framework 17
Table 4: Cambodia - Property Insurance Regulatory Framework 18
Table 5: Cambodia- Motor Insurance Regulatory Framework 19
Table 6: Cambodia- Motor Insurance Regulatory Framework 20
Table 7: Cambodia - Liability Insurance Regulatory Framework 21
Table 8: Cambodia - Corporate Tax Rates for the Financial Year 2018 42
List of Figures
Figure 1: Cambodia - Insurance Supervision and Control at Various Levels 29
Figure 2: Cambodia - Insurance Regulatory Frameworks for Company Registration and Operation 33
