Rajah & Tann Regional Round-Up
your snapshot of key legal developments in Asia
 Issue 1 - Jan/Feb/Mar 2024
 

Prakas on Corporate Governance for Insurance Companies

On 15 January 2024, the Non-Banking Financial Services Authority issued Prakas No. 005 on Corporate Governance for Insurance Companies ("Prakas") to replace Prakas No. 185 on Requirements for Corporate Governance dated 20 March 2007. The Prakas, which aims to ensure good governance, applies to all insurance companies (life insurance, general insurance, microinsurance, and reinsurance) doing business in the Kingdom of Cambodia.


The Prakas determines (i) the composition and qualifications of the board of directors, board committees, chief executive officers, and actuaries of an insurance company; (ii) their roles and responsibilities; and (iii) administrative and pecuniary penalties in case of non-compliance with the requirements set out in the Prakas.


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Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.

 

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