Synopsis
Timetric’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 Timetric’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.
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.
Summary
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.
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.
Key highlights
• The Cambodian insurance industry is supervised by the Ministry of Economy and Finance.
• 100% foreign direct investment is permitted in the Cambodian insurance industry.
• Non-admitted insurance is permitted only for insurance of marine and cargo imports, and reinsurance.
• A new insurance law introduced in Cambodia replaced the Insurance Law 2000.
• Composite insurance is permitted in Cambodia.
Table Of Contents
1 Introduction
1.1 What is this Report About?
1.2 Definitions
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Liability insurance for contractors
2.4.2 Motor third-party liability insurance
2.4.3 Insurance for passenger liability on public transport
2.4.4 Worker’s compensation
2.4.5 Professional indemnity insurance for insurance brokers
2.4.6 Liability insurance for ships with respect to oil pollution
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Ministry of Economy and Finance
2.5.3 General Insurance Association of Cambodia (GIAC)
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.8.6 Property tax
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer
List Of Tables
Table 1: Insurance Industry Definitions
Table 2: Cambodia - Insurance Regulatory Framework Key Features
Table 3: Cambodia - Life Insurance Regulatory Framework
Table 4: Cambodia - Property Insurance Regulatory Framework
Table 5: Cambodia - Additional Peril Rates
Table 6: Cambodia - Motor Insurance Regulatory Framework
Table 7: Cambodia - Liability Insurance Regulatory Framework
Table 8: Cambodia - Corporation Tax Rates for the Financial Year 2017
List Of Figures
Figure 1: Cambodia - Insurance Supervision and Control at Various Levels
Figure 2: Cambodia - Insurance Regulatory Frameworks for Company Registration and Operation
