Cambodian Insurance Brokers Discuss Release Of Professional Insurance Brokers Course And Code Of Conduct At 2nd AGM
The Cambodian Insurance Brokers Association (CIBA) organised its 2nd Annual General Meeting (AGM) on March 29, 2024 at TRIBE Phnom Penh Post Office Square.
The AGM was chaired by Meas Sophat, Chairman of CIBA, and attended by the Management committee and all CIBA members. The main agenda for the event included a presentation on CIBA’s achievements from 2023, the association's Action Plan for 2024, the release of the Professional Insurance Brokers Course and Code of Conduct, the announcement of committee chairs, and the compilation of industry issues to be submitted to the Insurance Regulator of Cambodia (IRC).
The CIBA Chairman shared that he was proud of the association’s achievements since it was first established two years back, and was also delighted that the professional insurance brokers course and code of conduct for insurance brokers were finally ready for implementation. He explained that the professional insurance brokers course has five main subjects covering:
- General Principles of the Code of Conduct for licensed brokers
- Cambodian Insurance Regulations
- Insurance Market
- Risks and Legal Principles
- Insurance Brokering Practice
The course will be conducted twice a year over two full days of training followed by an examination. All insurance broker sales staff are required to pass the examination to receive official CIBA certification and become qualified insurance brokers (all qualified insurance brokers will be registered with association’s website at www.cibacambodia.org).
As part of the implementation of the Code of Conduct, CIBA will provide 12 Continued Professional Development (CPD) Courses scheduled to run 12 times per year. The successful implementation of the professional insurance brokers course and CPD program will help the association achieve its set objectives in promoting greater efficiency within the industry for the establishment of a sound insurance broking structure in Cambodia.
Initiated by its founding Chairman, Meas Sophat, CIBA was established in March 2022 through an election presided over by H.E. Bou Chanphirou, Director General of the Insurance Regulator of Cambodia (IRC). CIBA was legally registered with the Ministry of Interior (MOI) and the General Department of Taxation (GDT) in July 2022 and December 2022, respectively.
There were only 12 licensed insurance brokers at the time of CIBA's establishment. As of March 2024, CIBA has increased to 15 licensed broker members. CIBA's 2nd AGM was sponsored by Alpha Insurance Brokers, AG Insurance Brokers, Bassac Insurance Broker, MGA Asia Insurance Brokers, and Provita Insurance Brokers.
This press release was supplied.