Cambodia Investment Review

Cambodian Insurance Brokers Association Marks Its 2nd Annual General Meeting with Major Announcements and Strategic Plans

Cambodian Insurance Brokers Association Marks Its 2nd Annual General Meeting with Major Announcements and Strategic Plans

Cambodia Investment Review

The Cambodian Insurance Brokers Association (CIBA) convened its 2nd Annual General Meeting (AGM), signifying a pivotal step forward in the maturation and regulation of the insurance brokering industry in Cambodia. Under the leadership of Mr. Meas Sophat, Chairman of CIBA, the event was a congregation of the association’s Management Committee and all its members, delineating the strides made in the previous year and charting a course for the future.

During the meeting, Mr. Meas Sophat presented a comprehensive review of CIBA’s accomplishments throughout 2023, highlighting the association’s initiatives to bolster professional standards and regulatory compliance within the sector. Moreover, the 2024 Action Plan was unveiled, setting ambitious goals aimed at fortifying the industry’s infrastructure and service quality.

Introduction Of The Professional Course & Code Of Conduct

A significant highlight of the AGM was the introduction of the Professional Insurance Brokers Course and Code of Conduct, meticulously crafted to elevate the professional competence and ethical standards of insurance brokers in Cambodia. Mr. Sophat articulated his enthusiasm for these initiatives, stating, “We are proud of the association’s achievements over the past two years. The establishment of the professional insurance brokers course and code of conduct represents a cornerstone in our mission to foster a robust and ethical insurance brokering environment in Cambodia.”

Read more: The Future of Cambodian Insurance: Insights from the Cambodia Insurance Brokers Association (Video)

The newly launched course encompasses critical areas such as the General Principles of the Code of Conduct for licensed brokers, Cambodian Insurance Regulations, the Insurance Market, Risks and Legal Principles, and Insurance Brokering Practice. It mandates a two-day training session biannually, culminating in an examination. Passing this exam is a prerequisite for sales staff to gain certification from CIBA as qualified insurance brokers, with their credentials subsequently listed on the association’s website.

Mr. Meas Sophat, Chairman of CIBA.

Further to educational advancements, CIBA has committed to offering 12 Continued Professional Development (CPD) Courses annually, aiming to perpetually enrich the knowledge and skills of industry professionals.

Reflecting on CIBA’s journey, Mr. Sophat reminisced about its inception in March 2022, under his founding chairmanship and the auspices of H.E. Bou Chanphirou, Director General of the Insurance Regulator of Cambodia (IRC). Since its establishment and legal registration with the Ministry of Interior and the General Department of Taxation, CIBA has seen its membership grow from 12 to 15 licensed insurance brokers, marking a steady increase in industry participation and representation.

Addressing Sectoral Challenges & Promoting Regulatory Coherence

The 2nd AGM also served as an opportunity for members to discuss prevalent industry issues, which are to be compiled and presented to the IRC, fostering a collaborative effort towards addressing sectoral challenges and promoting regulatory coherence.

In acknowledgment of the support received, CIBA highlighted the contributions of its sponsors for the event, including Alpha Insurance Brokers, AG Insurance Brokers, Bassac Insurance Broker, MGA Asia Insurance Brokers, and Provita Insurance Brokers, underscoring the collective effort in advancing the insurance brokerage profession in Cambodia.

As CIBA moves forward, the implementations introduced during the 2nd AGM are expected to significantly contribute to the development of a more structured, efficient, and ethical insurance broking industry in Cambodia, ensuring better service for policyholders and a stronger regulatory framework for the burgeoning sector.

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