AKP Phnom Penh, February 04, 2025 --

The Insurance Regulator of Cambodia (IRC) and the Department of Enterprises and Insurance Supervision (SOEI), Lao Ministry of Finance, have reached a memorandum of understanding to promote insurance cooperation.

The MoU was signed by Director General of the IRC H.E. Bou Chanphirun and H.E. Phaitoun Thienglamay, Director General of the SOEI, at the Non-Bank Financial Services Authority (NBFSA) Building in Phnom Penh on Feb. 4.

The event was attended by distinguished guests from the NBFSA management, regulators under NBFSA, the Insurance Association of Cambodia, and various insurance companies.

This MoU aims to help both insurance supervisors maintain efficient, fair, safe, and stable insurance markets in Lao PDR and the Kingdom of Cambodia.

The MoU establishes a framework focusing on mutual support through mutual assistance, contingent capacity building and the exchange of insurance and insurance-related experiences concerning their governing laws, regulations and requirements including but not limited to the establishment of national reinsurers.

It also aimed to intend to collaborate by providing mutual assistance and exchanging information for drafting the regulations on Insurance Product Governance, including terms and conditions for microinsurance, digital products and any new types of insurance product, governance and control.

The two sides will collaborate by providing mutual assistance and exchanging experiences upon the implementation of the Sandbox Project, share experience on Anti-Money Laundering (AML) mechanism and implementation in terms of AML and insurance supervision, and collaborate by sharing experiences and best practices on Disaster Risk Financing.

By Chea Vannak