History of the insurance industry in Cambodia
According to history of the insurance industry of Cambodia should be noted that have evolved through 3 main stages as follows:
1. From 1956 to 1975
Cambodia revealed Insurance business since inception in 1956. Also, Some of the insurances industry companies began to serve the insurances need of the market but from December 31, 1963, the state bought back all private shares of Insurances Companies. On January 09, 1964, Congress passed a law on “tedious business of insurance”, from 01 July 1964 to all types of the insurance business. The insurances company is monopolizing by the state. Since then, a national insurance company, (SNA) has been established to serve the insurance market. National Insurances Company (SNA) to act exclusively on the market from 01 July 1964 until 17 April 1975.
In Pol Pot, all the infrastructure destroyed and the goods and service exchange completely abolished. And also all activities of the insurances sector disabled.
2. From 1990 to 1999
Based on economic and financial policy reform state has issued Decree No. 24 for the organization and the treatment of the Ministry of Economy and Finance on 20 September 1990. The Ministry wrote decree about the establishment of the Cambodian National Insurance Company “equivalent department.”
On 30 January 1992, the Assembly adopted the Law on the Establishment of the insurance business, which accounts for 4 Articles and insurances sectors are under the control and supervision of the state. The aim of the law is to contribute to the development of repairing the damage of those contracts, insurances, accidents, natural accident and other accidents.
After the Law on Insurance Business Establishment launches is significant events as follows:
- On 09 June 1992, the Council of Ministers adopted the decree on the management of insurance businesses, which consist of 38 articles.
- On 02 September 1992, the Council of Ministers issued a notification No. 1530 – on the authorization in principle Cambodian National Insurances Company launched their own business from early Q4 1992.
- On October 15, 1992, according to the decision of the Permanent Permanent Council of Ministers Cabinet Council of Ministers has issued Notification No. 1811 on allowing CAMINCO to cooperate with a French company
- named a group of European insurances maritime and overland Groupement European d’Assurancees Maritimes, which refer to as “GEAMT.” On 15 October 1992 business “GEAMT,” came as a technical advisor in the
- preparation of primary business activities CAMINO. Under the technical assistance’s “GEAMT,” CAMINCO prepared documents and basic standards and the training of its civil servants who are the officers who
- transferred from the Ministry of Economy and Finance. CAMINCO, issued the first license to its customers On June 15, 1993, for cargo insurances technical wich is a part the GEAMT stopped.
- On 01 September 1994, the Ministry of Finance issued a joint declaration on the civil liability of the vehicle owner. This announcement applies 3, Ministry of Finance and Ministry of Interior and Ministry of Public Works and Transport. The purpose of this statement is to provide assurance to all types of vehicles, tricycles, and motorcycles of the vehicle owner or a stranger.
- On 01 September 1994, the Ministry of Finance issued a declaration on the authorized use of premium table and the table to pay for auto insurances and that statement was promulgated for civil liability of owners of vehicles.
- On 25 March 1996, according to the company’s request CAMINCO MEF announces that they allow Indochine Insurances Union to be an agent of CAMINCO.
- On 25 September 1996, the Ministry of Economy and Finance announces that The ministry allows Asia Insurances (Cambodia) Ltd as agents of CAMINCO.
- On 14 January 1997, the Ministry of Economy and Finance announces allowed to Forte Trading Private Ltd Be an agent of CAMINCO.
3. From 2000 to the present
Since 2000, the country has adopted a market economy system and to make the insurance market in the country flourish government also updated on laws and regulations that have to be used during the years 1990-1999, including the Law on the Establishment