All insurance agents and brokers and loss adjuster cannot operate the insurance business in the Kingdom of Cambodia without a license granted by the Ministry of Economy and Finance.

A license to be grated to the insurance agent and loss adjuster shall be valid for three (3) years from the date of issuance. These licenses are not alienable for any reason.

A license grated to the insurance broker shall be valid for one(1) year from the date of issuance. This license is not alienable for any reason.

Within one month at the latest prior to the invalidity of the license, the insurance agent and broker and loss adjuster shall submit an application for license renewal to the Ministry of Economy and Finance. During this period, the concerned company still has rights to operate its usual business up to the date of receiving a new license or a notice of rejection with or without condition from the Ministry of Economy and Finance following a comprehensive study of the application form for the license renewal.

In case of documents falsification or providing false information pertaining to the application for the first license or the license renewal, the Ministry of Economy and Finance has the rights to refuse the consideration, suspend activities and/or finally revoke the license and may sue the Court according to de facto mistakes against the concerned company that is the applicant.

Fees for the first license issuance and license renewal to be paid by the insurance agent and broker and loss adjuster shall be determined by a Prakas of the Ministry of Economy and Finance.

A legal entity or natural person that obtained a license to act as an insurance agent on behalf of an insurance company or more shall give a notice of its business operation to the Ministry of Economy and Finance.

Any loss or damage to the insured caused by misconduct of the insurance broker, the latter shall bear liability to settle a claim according to the actual damage.

The insurance agent and broker and loss adjuster that acquired the license the license shall set up its office in the Kingdom of Cambodia with its office address clearly specified in the grand license if it needs to change the office address in Kingdom of Cambodia, a letter in writing on this purpose shall be delivered to the Ministry of Economy and Finance within one (1) month prior to the change.

The insurance agent and loss adjuster that acquired the license shall put a deposit equivalent to US$ 10,000 (ten thousand US dollars) at the National Treasury of the Kingdom of Cambodia.

All insurance brokers that have obtained the license shall make a deposit equivalent to US$ 50,000(fifty thousand US dollars) at the National Treasury of the Kingdom of Cambodia.
In addition, the insurance broker prior to the commencement of its business shall have a professional liability insurance with an sum insured equivalent to US$500,000 (five hundred thousand US dollars) evidenced by a copied insurance certificate to be sent to the Ministry of Economy and Finance.

The insurance agent, broker and loss adjuster shall make a clear accounting rule with a prior approval from the Ministry of Economy and Finance to manage the revenue and expense of its respective profession in an accurate manner.

The control of all types of insurance companies in the Kingdom of Cambodia shall be under the competence of supervisory officer appointed by the Ministry of Economy and Finance based on their abilities, skills and experience in such area sector.

The Ministry of Economy and Finance shall set forth a minimum tariff to be applied to major risks to ensure the market stability and direct the market competition. The minimum tariff shall be not applied to the life insurance class.
The minimum tariff as provided in the first paragraph of article 89 may be adjustable to the economic situation by a Prakas of the Ministry of Economy and Finance.

All classes of the insurance companies shall deposit as a proof the sample of the insurance application form, general conditions of insurance policy, sample of the insurance certificate, and other printed documents to be distributed to the public or for the purpose of advertisement to the Ministry of Economy and Finance.

The Ministry of Economy and Finance may require changes of content of any documents as prescribed in the above paragraph inappropriately used for the insurance operation or of the company's capitalization.

If the statute of any insurance company has been changed, the concerned company shall submit to the Ministry of Economy and Finance within fifteen (15) days after the general meeting of the company the text of amendment to such statute and other relevant documents.

All insurance companies firstly shall submit to the Ministry of Economy and Finance the list of tariff the company prepared to apply with customers to ensure the transparency of its competition in the insurance market.

Every legal entity or natural person that obtained mandate to enter into contracts or supervise insurance companies, agents or brokers and loss adjuster shall be controlled by the insurance supervisory officials. The officers may verify accounting agenda and records, other accounting documents whether by simple method or information system, and all types of documents of the company which are required for study and investigation.

All insurance companies, agents, brokers, and loss adjuster shall provide the supervisory officers who perform these duties with documents as described in Article 93 of this sub-decree and relevant persons in order to facilitate attainable inspection and verification in a high transparent and accurate manner.
The supervisory officers shall report the result of their inspection or verification and not to the Ministry of Economy and Finance to timely take appropriate measures according to the de facto mistakes.

Within three(3) months from the end of each accounting period, the insurance company, agent, broker, and loss adjuster shall submit to the Ministry of Economy and Finance the resolution of the ordinary general meeting, the report of executive body, auditor and board of directors, and financial statements as well as other necessary documents of the company for recently ended accounting period.

At the beginning of each month, the insurance company, agent, broker, and the loss adjuster shall prepare business statistics in previous month and submit as a regular report to the Ministry of Economy and Finance for examination.

The insurance companies, agents, brokers, and the loss adjuster shall prepare its business statistics and monthly summit to the Ministry to the Ministry of Economy and Finance by reflecting:

1- Business Transaction:
a number of insurance policies issued to clients dividing into classes of business.
b inception date of each insurance policy.
c expiry date of each insurance policy.
d total sum insured.
e insurance premium rate.
f discount rate.

2- Claim Settlement
a number of insurance policies with loss records.
b nature of loss and claim amount paid.
c nature of loss occurred and outstanding claim amount.