Cambodia establishes first life insurance firm
August 14th, 2011 - 12:42 pm ICT by IANSPhnom Penh, Aug 14 (IANS) The Cambodian government has joined hands with four foreign companies to establish the country’s first ever life insurance firm.
Currently, Cambodia has six insurance companies and one re-insurance company - all of whom are general insurers, and none is a life insurer.
The ministry of economy and finance announced a joint venture with the private companies to establish the Cambodia Life Insurance, Mey Vann, director of the ministry’s financial industry department, told Xinhua.
The four firms are Indonesia’s PT Asuransi, Hong Kong’s Asia Insurance and Thailand’s Bangkok Life Assurance and Bangkok Insurance Public.
Under the deal, the ministry will hold 51 percent stake and the firms own the remaining 49 percent, the official said.
According to Cambodia’s insurance law, it is required to have a minimum capital of $7 million to open an insurance firm in the country.
He said the country’s first life insurance company will help develop the financial industry and also support the development of the securities market.
- Thailand cancels ceasefire talks with Cambodia - Apr 27, 2011
- Cambodia seeks to resume talks with Thailand about disputed oil and gas zone - Aug 31, 2011
- Cambodia and Thailand agree to remove troops from disputed border - Sep 16, 2011
- Indian trade promotion office opens in Cambodia - Sep 02, 2012
- Close ASEAN cooperation urged to promote growth (Lead) - Apr 03, 2012
- Thailand denies violating Cambodian territory - Jun 06, 2011
- GIC having a relook at obligatory reinsurance contracts - Aug 17, 2012
- ASEAN-India officials meet in Cambodia - May 27, 2012
- Clashes along Thai-Cambodian border resume - Feb 17, 2011
- Cambodia favours ceasefire with Thailand under ASEAN aegis - Feb 17, 2011
- Non-life insurers need to be prudent in underwriting risks: GIC - Aug 18, 2012
- Indian envoy seeks direct flights to Cambodia - Jul 24, 2012
- Patil donates Rs.1.1 crore to India-Cambodia Friendship School - Sep 15, 2010
- Thailand denies using chemical weapons against Cambodia - Apr 24, 2011
- Cambodia sentences two Thai nationalists to jail guilty of spying - Feb 02, 2011
Tags: asia, bangkok, cambodia, cambodian government, economy, hong kong, indonesia, insurance, insurance companies, insurance firm, insurance law, joint venture, life assurance, life insurance company, life insurer, percent stake, phnom penh, private companies, securities market, xinhua