Kathmandu. Cambodia’s Insurance Regulator (IRC) has called for stricter enforcement of mandatory insurance rules and for public awareness.
According to a report in the Khmer Times, the move is part of the regulator’s efforts to increase social protection and support economic resilience. The call was made at a seminar on compulsory insurance chaired by Bo Chanfirou, director general of the insurance regulator.
According to Chanfirou, Cambodia’s insurance law identifies three types of compulsory insurance. The first is motor third party liability insurance for commercial vehicles, the second is passenger liability insurance for transport operators in land, water, air and rail, and the third is construction site liability insurance to compensate victims for bodily injury or property damage.
Compliance is still limited due to low awareness among business owners, inadequate access and a lack of clear understanding among some competent authorities, Chanfirou said. “In order to strengthen law enforcement, the insurance regulator has prioritized the growth of compulsory insurance under the development plan of the insurance sector 2021-2030,” he said. –Agency
