Thursday, December 14, 2017

Myanmar sets rules for foreign insurance firms in economic zones

State-owned enterprise Myanma Insurance has announced that the rules and regulations for foreign insurers that want to operate in Myanmar’s special economic zones have been completed.

Under the new rules, foreign insurance companies are now required to pay a USD30,000 license fee to be allowed to operate in the country’s special zones, such as Thilawa, Kyaukphyu and Dawei.

Insurance firms that have already paid their fees prior to the release of the new rules will not be required to pay the fees again, said Insurance Business Supervisory Board Chairman Maung Maung Thein.

The new licensing rules come less than a year after Myanma Insurance, which has been Myanmar’s sole insurer since 1952, decided to end its monopoly and allow private insurance firms to enter the market.

At present, there are 15 foreign insurance firms that have opened representative offices in the country, including Sompo Japan Insurance, Mitsui Sumi Tomo Insurance Co, Tokio Marine & Nichido Fire Insurance Co, Taiyo-Life Insurance Co, Poema Insurance, American International Assurance Co, The Great Eastern Life Assurance Co, Prudential Holdings, ACE INA International Holdings, Pana Harrison (Asia) Pte, Manulife Financial Life Insurance and Willis Co.

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