Following the promulgation of the new Law on Insurance in 2014, the Royal Government of Cambodia issued a Sub-Decree No. 275 ANKr.BK on Insurance on 30 December 2021 (“New Sub-Decree“). This New Sub-Decree on Insurance abrogates the previous sub-decree dated 22 October 2001. The New Sub-Decree applies to all insurance activities in Cambodia with an exception on micro-insurance activities (which will be governed under a separate sub-decree and related regulations).
The New Sub-Decree, consisting of 10 chapters and 106 articles, sets out, in greater clarity compared to the previous 2001 sub-decree, the rules, procedures and formalities for the management and supervision of insurance activities in order to ensure good governance, efficiency, fair and open competition, and protection of public’s interest, and to promote public’s trust in the insurance sector in compliance with the Law on Insurance. This Update highlights, amongst others, the key features under the New Sub-Decree.
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