IRC joins AFIR to elevate Kingdom’s insurance standards

IRC joins AFIR to elevate Kingdom’s insurance standards

The move will empower IRC with the exchange of regulatory information and cooperation, and enhance the capacity to respond to risks.

The Insurance Regulator of Cambodia (IRC) Monday officially joined the Asian Forum of Insurance Regulators (AFIR) as a full member, marking a significant step in Cambodia’s commitment to strengthening its insurance sector.

IRC announced its official membership in the AFIR, citing that this as another important milestone for IRC in strengthening international cooperation and enhancing its regulatory compliance in the insurance sector.

AFIR, established in 2006, serves as a vital multilateral platform for fostering regional collaboration, mitigating cross-border risks, and advocating for the Asian voice in the global insurance market.

AFIR consists of 24 members, encompassing insurance regulatory authorities from across Asia and Oceania, as well as the International Association of Insurance Supervisors (IAIS).

AFIR offers IRC valuable opportunities to enhance cross-border supervisory cooperation, obtain regional insights into regulatory innovations and risk management practices, engage in high-level policy dialogues and capacity-building initiatives, and address shared challenges such as climate risk, digital transformation, and financial inclusion.

It will offer the exchange of regulatory information and regulatory cooperation, and enhance the capacity to prevent and respond to risks across geopolitical borders.

As an official member, the IRC demonstrates its dedication to participating actively in this regional dialogue and leveraging collective expertise to enhance Cambodia’s regulatory framework.

The admission into AFIR as a member is in line with the key priorities set under the Cambodia Strategic Development Plan for the Insurance Sector (2021-2030), IRC said.

“It reaffirms IRC’s commitment to align with international standards, protecting policyholders, and promoting good governance and a sustainable insurance sector in Cambodia,” it said.

It underscores the IRC’s ongoing efforts to adopt best practices in supervision and regulation, which are crucial for maintaining a stable and robust financial sector.

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