Myanmar

Myanmar’s "Seventh News" recently reported that the Myanmar Ministry of Planning and Finance issued an announcement stating that the Myanmar government will allow foreign insurance companies to operate insurance businesses in Myanmar. In the future, at least three wholly-owned foreign life insurance companies will be approved and business licenses will be issued. At the same time, foreign life insurance companies that have established representative offices in Myanmar and insurance companies that concurrently operate comprehensive life insurance services are allowed to cooperate with local life insurance companies to carry out insurance business. Anyone interested in the above-mentioned business can submit relevant applications. In response, U Ye Min Aung, vice chairman of the Myanmar Chamber of Commerce and Industry, said that this is good news for the new year. If foreign insurance companies are allowed to cooperate with domestic companies in Myanmar, it will reduce insurance costs and promote the development of the domestic insurance industry. According to reports, Myanmar has allowed private insurance businesses to operate since 2013, and 11 private insurance companies have been approved. In order to promote the development of the non-banking financial industry, the government of the Union of Myanmar has also formulated an insurance industry development plan.