Governance, Risk and Compliance - The Cambodian Insurance Industry
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.
- 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.
Reasons to buy
- 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.
- 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.
- 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 Regulation 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 Type 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 margin 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 2.9 Legal System 2.9.1 Introduction 2.9.2 Access to court 2.9.3 Alternative dispute resolution
- 3 APPENDIX 3.1 Methodology 3.2 Contact GlobalData 3.3 About GlobalData 3.4 GlobalData’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- Motor Insurance Regulatory Framework
- Table 6: Cambodia- Motor Insurance Regulatory Framework
- Table 7: Cambodia - Liability Insurance Regulatory Framework
- Table 8: Cambodia - Corporate Tax Rates for the Financial Year 2018
- List of Figures
- Figure 1: Cambodia - Insurance Supervision and Control at Various Levels
- Figure 2: Cambodia - Insurance Regulatory Frameworks for Company Registration and Operation