In June 2011, in collaboration with the U.S. Department of the Treasury’s Office of Technical Assistance (OTA), FSVC provided assistance to the Ministry of Economy and Finance (MEF) of Cambodia in the area of life insurance.
The insurance sector in Cambodia was underdeveloped and its growth had not kept pace with the country’s strong GDP growth rates in recent years. The MEF sought to strengthen the insurance sector to enable it to play a central role in the socio-economic development of Cambodia. As part of this effort, one key step was to develop life insurance in Cambodia by providing a well-regulated and secure market for future potential companies.
· Train examiners from the Cambodian MEF in key life insurance principles and practices, to enable them to identify areas that require greater supervision and develop a framework to address these areas.
· Topics included life insurance companies’ organizational structures, products and principles.
· 14 MEF regulatory staff trained, including the Head of the MEF’s Insurance Division.
· MEF staff gained a better understanding of the different types of life insurance products, key International Association of Insurance Supervisors (IAIS) principles and the operational considerations that must be taken into account when supervising life insurance companies effectively.
· These considerations will help develop life insurance in Cambodia by providing a well-regulated and secure market for future potential companies.