Tuesday, September 19, 2017

Myanmar halts licences for foreign insurers

No new foreign insurers will be allowed to operate in Myanmar’s special economic zones (SEZ) for one year as the Myanmar Insurance Business Supervisory Board has decided to suspend the granting of foreign insurer licences.

According to media reports, new licences for foreign insurers to operate in the country’s SEZs will be issued next year, with three Japanese insurers so far being allowed to operate.

The reason for the suspension of the issuing of licences was not disclosed.

One of the three Japanese insurers, Sompo Japan Nipponkoa Insurance Inc, received a licence to operate in the Thilawa Special Economic Zone, which is expected to open in September this year.

The three Japanese insurers have been operating in Myanmar for around two decades through their representative offices.

Dr Maung Maung Thein, Myanmar’s deputy minister of finance, said insurance firms operating in the country’s SEZs are limited to motor insurance, property insurance, contractors’ all-risk insurance, marine cargo insurance and cash transfer insurance.

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