New Sub-Decree on Insurance
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.
Rules on the Management, Establishment, and Functioning of Trust
On 26 January 2022, the Non-Banking Financial Services Authority issued a new Prakas No. 003 OSH/Prokor on Rules on the Management, Establishment and Functioning of Trust ("Prakas").
The Prakas consists of eight chapters and 75 articles and applies to the operation of all trusts and the conduct of all persons related thereto in Cambodia. This Prakas aims to set out the rules, conditions, and procedures in controlling, organising, and operating a trust.
This Update highlights the key features of the Prakas.
Formalities of Certification Work
The Ministry of Land Management, Urban Planning and Construction ("MLMUPC") has issued two Prakas on formalities of certification work for the purpose of implementation of Sub-Decree No. 225 ANKr.BK dated 30 December 2020 on the Conditions and Procedures of Construction Inspection and Certification Work.
- Prakas 126 - On 30 December 2021, MLMUPC issued Prakas No. 126 on Formalities of Certification Work of Building Work and Demolition Work in relation to Architectural and Structural Design, which sets out the formalities of inspection and certification work of building work and demolition work in relation to architectural and structural design.
- Prakas 109 – On 22 November 2021, MLMUPC issued Prakas No. 109 on Formalities of Certification Work of Architectural Design and Structural Design which sets out the formalities of inspection and certification work of architectural and structural design.
Prakas on Danger Levels, Risk Avoidance Measures, and Dangerous Construction Management Procedures
On 1 February 2022, the Ministry of Land Management, Urban Planning and Construction issued Prakas No. 047 on the Danger Levels, Risk Avoidance Measures, and Dangerous Construction Management Procedures, which aims to ensure public health and safety, to avoid risk, and to promote accountability of building owners, building managers and building users as well as to promote efficient management of construction by competent authorities.
Construction Permit by the Minister of Land Management, Urban Planning and Construction: Formalities and Procedures
On 20 January 2022, the Ministry of Land Management, Urban Planning and Construction ("MLMUPC") issued Prakas No. 013 on Formalities and Procedures for the Issuance of Construction Permit by the Minister of Land Management, Urban Planning and Construction, which sets out the formalities and procedures for the issuance of construction permits and the extension of construction permits by the MLMUPC for the purpose of implementation of Sub-Decree No. 224 ANKr.BK dated 30 December 2020 on the Construction Permit.
Key Amendments to Law on Commercial Enterprises & Commercial Rules and Register
On 29 January 2022, amendments were made to the Law on Commercial Enterprises and the Law on Commercial Rules and Register. The amendments are set out in the Amendment Law of the Law on Commercial Enterprises and the Amendment Law of the Law on Commercial Rules and Register and came into force on 30 January 2022 throughout the country.
In this Update, we set out the key amendments to the Law on Commercial Enterprises and the Law on Commercial Rules and Register.