Ministerial council approves insurance law

The Council of Ministers on Friday approved a draft insurance law meant to bring sustainability and accountability to the sector, according to a statement from the government.

The law—prepared by the Ministry of Finance and approved in a meeting presided over by Prime Minister Hun Sen—updates and amends a 2000 sub-decree regulating the insurance sector, The Cambodia Daily said.

The sub-decree had 56 articles, while the new law has 114. Cambodia’s insurance sector generated about USD43 million in premiums in 2013 and insured assets rose to USD111 million, according to the statement.