Myanmar and India sign insurance cooperation

October 21 2016 by InsuranceAsia News Staff

Myanmar’s insurance sector is expected to get a boost as the country has inked an agreement with India as part of efforts to improve ties between the two nations.

The Financial Regulatory Department of Myanmar and the Insurance Institute of India signed a memorandum of understanding for designing an academic and professional building programme for the insurance industry of Myanmar.

The MoU was signed in the presence of Prime Minister Narendra Modi and visiting Myanmar State Counsellor Aung San Suu Kyi after delegation-level discussions.

Apart from the MoU for insurance, the two countries also agreed to cooperate in the power and banking sectors.

The banking MoU will provide supervision between the RBI and the Central Bank of Myanmar. After the signing, India’s External Affairs Ministry spokesperson Vikas Swarup tweeted: “The two leaders witness the exchange of agreements in sectors of power, banking and insurance.”

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