Foreign investment in insurance services is only permitted through a local incorporated company. See also below information reported by legal firms operating in Cambodia:
"[...] 02 | Subsidiary/branch
An insurance company shall be registered as a Public Limited Company. A foreign insurer may not carry on business in Cambodia without establishing a locally incorporated company meeting this requirement, i.e. a branch of a foreign insurer is not permitted.
An insurance intermediary shall be registered as a Private Limited Company. [...] "(Norton Rose Fulbright, 2017).
"[...] vii Ownership
While there is no restriction for foreigners to invest in insurance businesses, there is only one entity form available. An insurance company must be registered in the form of a public limited liability company. [...]" (Law Business Research Ltd., 2015).
"Article 3:
This law shall cover and apply to all insurance activities carried out in the Kingdom of Cambodia, unless otherwise exceptionally prescribed in Chapter 12 of this law.
[…]
CHAPTER 6 - INSURANCE INSTITUTIONS & LICENSING
Section 1 - Insurance Company
Article 41:
All insurers, whether state owned, private or mixed companies, shall be allowed to operate in the Kingdom of Cambodia only under the form of a public limited company.[...]" (Royal Kram No. NS/RKM/0814/021 dated on 4 August 2014 on the Promulgation of the Law on Insurance)
Royal Kram No. NS/RKM/0814/021 dated on 4 August 2014 on the Promulgation of the Law on Insurance
[<a href="http://www.sithi.org/upload/Law_on_Insurance_2014.pdf">Law (khmer only)</a>],[<a href="http://huskyandpartners.com/images/Law%20Library/Insurance/20190425-Law%20on%20Insurrance_2014_En.pdf.pdf">Law (in english)</a>],[<a href="https://www.nortonrosefulbright.com/en-us/knowledge/publications/c78f334b/insurance-regulation-in-asia-pacific">Article</a>],[<a href="https://bun-associates.com/wp-content/uploads/2018/03/BA-The-Insurance-Reinsurance-Law-Review-4th-edition-2016.pdf">Article</a>]