webbed feet, web log

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blog Cambodia; blog the planet.

May 18, 2006

Indochine part II

Just purchased a CD, 'Indochine' mix by Claude Challe.

And in the newspaper, a new story in the Cambodia Daily notes that there's a lot more details to be discussed in the "Indochine Insurance" story.

Technically, Indochine was an agent of Caminco, the state insurer, but acted to issue policies and pay out claims directly. They may never have had a company license. I wonder why?

Given that Indochine was owned by a foreigner, Cambodian law may have prohibited the owner from directly getting a license. We'll see more as this heated debate unfolds in the papers and on the internet. Tags: Cambodia

- jinja Link

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Comments:

You write that : "Technically, Indochine was an agent of Caminco, the state insurer, but acted to issue policies and pay out claims directly".

Until January 2003, and the enactment of the Insurance law, only Caminco was tecnically an insurance company. All others (Forte, Asia and Indochine) sold Caminco insurance policies. They organised the reinsurance security beind Caminco.

You write : "They may never have had a company license. I wonder why?"

Wrong : on 8th January 2003, Indochine Insurance was the first orivate insurer to be licensed as an insurance company under the Cambodian Insurance Law.