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 sub-decree had 56 articles, while the new law has 114. Cambodia’s insurance sector generated about $43 million in premiums in 2013 and insured assets rose to $111 million, according to the Council of Ministers statement.
The sector employs 3,500 people in the country and contributed $2.2 million in taxes to state coffers last year.
“However, to reach the potential and develop this sector requires a lot of support, especially the promotion of a legal framework,” the statement says.
The Council of Ministers also passed a draft national policy on a Real Estate Evaluation System, which aims to set in place methods and standards for valuing public and private property.
A draft strategic plan on development from 2014 to 2018 was also passed, and says the government is looking for $26.58 billion in capital investment in the public and private sector during that period.