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NEW UPDATES Asean Affairs   4 June 2014  

Insurance law reform under way

Cambodia:The Council of Ministers last week approved a raft of changes to the country’s insurance laws, a move that industry insiders hope will better reflect the sector’s current state.

The draft law, which was prepared by the Ministry of Economy and Finance, has an additional 14 chapters and 114 articles aimed at regulating general, life and micro-insurance products.

Youk Chamroeunrith, general manager of Forte Insurance, said the reforms were overdue and that the original insurance laws, which were drafted more than a decade ago, were no longer reflective of the industry.

“It’s time to revise our laws to answer the market’s change,” he said. “It will help to increase consumer confidence.”

Cambodia’s insurance industry began in 1990 with one general insurance provider, state-backed Cambodian National Insurance Company. Today, there are 11 insurers offering insurance products, which are limited by coverage ceilings of $5,000 and are targeted at those in rural areas.

In Meatra, director-general of Cambodian Life, said the revised law would assist in regulating the industry’s growth.

“The collaboration between regulators, operators and consumers is needed to make the industry grow smoothly,” Meatra said.

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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






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