30 June 2014
The draft
law on insurance was approved by 66/66 lawmakers. The draft law on insurance is
one of the 15 draft laws endorsed by the NA during its 2nd session of the 5th
legislature from 1 April to 30 June 2014.
The main
aim of the draft law is to strengthen the management and monitor the insurance
business so as to promote honest competitiveness and transparency in the
insurance sector for the public interests. The draft law on insurance is an
amendment of the former law on insurance. This 14-chapter of 114-article draft
law will cover all insurance business activities including general insurance,
life insurance, and micro-insurance in Cambodia.
Last year,
the total premium revenue of the sector was US$43 million, while the total
assets reached US$111 million. This sector employs some 3,500 workers.
Source:
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