The Insurance Regulator of Cambodia (IRC) and Department of State-Owned Enterprises and Insurance Supervision (SOEI) signed a Memorandum of Understanding (MoU) at the Non-Bank Financial Services Authority Building in Phnom Penh, Cambodia, according to a media release from the IRC.
The MoU aims to help both insurance regulators maintain efficient, fair, safe and stable markets in Lao PDR and the Kingdom of Cambodia under the framework of:
- Support each other 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 reinsurer(s).
- 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.
- 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.
- Collaborate by sharing experiences and best practices on disaster risk financing.