Opposition leader and parliamentarian Sam Rainsy on Wednesday said an independent authority should be created to monitor insurance, instead of the government.
Parliament, he said, must create the authority to ensure the law is implemented effectively.
“An independent insurance authority should be set up along with this law, or [the law should] let the parliament closely monitor insurance. With this, we can ensure the safety and interest of insurance and its users,” he said.
Under the legislation being debated, the Ministry of Finance and Economy has the sole power to control and monitor insurance.
Sam Rainsy, the country’s former finance minister, said he has “no confidence in the government’s handling with this kind of investment,” citing what he called “lessons” learned from the poorly-run banking system.
Finance Minister Keat Chhon told the National Assembly that he supported Rainsy’s idea. But for now, he said, his ministry should handle the monitoring because every problem can be controlled. “We have a lot of authorities already, and if we set up more it will cause problems for responsible ministries to do their work, and everything could be out of control,” he said.
Uk Rabun, secretary of state for Finance, said a separate institution cannot be formed unless there is much better progress in the Cambodian economy.
Rath Sarath, a local manager for Pana Insurance, said such an authority could cause bureaucratic problems. He noted that in other countries with independent insurance institutions, such as Singapore, they still operate under government control.
The National Assembly will listen to a speech by visiting Thai Prime Minister Chuan Leekpai at 9:10 am today.
The Minister of Agriculture is to report today on agricultural and forestry policies and answer questions from lawmakers.
