PHNOM PENH, Aug. 13 (Xinhua) -- The Ministry of Economy and Finance and four private companies have announced a joint venture to establish the first-ever life insurance firm in Cambodia, Mey Vann, director of the Ministry’s Financial Industry Department, said Saturday.
The ministry and four firms had signed an agreement to establish a Cambodia Life Insurance on Thursday, he told Xinhua. The four private firms are PT Asuransi from Indonesia, Asia Insurance from China’s Hong Kong, Bangkok Life Assurance and Bangkok Insurance Public from Thailand.
“Based on the deal, the Ministry holds 51 percent stake and the four firms own the remaining 49 percent stake,” he said, adding that according to Cambodia’s insurance law, to open an insurance firm here, it’s required to have the minimum capital of 7 million U.S. dollars.
Currently, Cambodia has six insurance companies and one domestic reinsurance company, all are general insurers, and none of them is life insurer.
“The Cambodia Life Insurance will be the first-ever life insurance company in Cambodia,” he said. “It will help to develop the country’s financial industry and also support the development of the newly formed securities market."
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