Tuesday, September 19, 2017

Myanmar considers giving more licences to foreign insurers

Three foreign insurance companies have already been given permits to operate in Myanmar as part of the opening up of the domestic insurance market and officials said they will consider giving more.

The temporary licences allow the three foreign insurers to operate at Thilawa special economic zone.

Deputy finance minister U Maung Maung Thein was quoted as saying that the temporary licences are the first step to gradually opening up the market to more foreign investment.

Myanmar has already made a set of criteria for granting a license to foreign insurers. These include having a Myanmar representative office for three years and operations in two other ASEAN countries.

U Maung Maung Thien, however, did not give a timeline on when the local insurance market will eventually open up to foreign insurers.

There are currently 16 representative offices of foreign insurers in Myanmar.

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