Myanmar poised to grant licences to European firmsMarch 15 2016 by InsuranceAsia News Staff
Myanmar’s Insurance Business Supervisory Board announced a plan to issue licences to European insurers that have established offices in Myanmar for more than three years.
The licence will be for the European insurance companies to operate in the country’s Thilawa Special Economic Zone (SEZ).
An official from the regulator said western companies that meet the residency criteria of three years can apply to operate in the SEZ, joining three Japanese insurers — Tokio Marine, Sompo Japan and Mitsui Sumitomo — that have been licensed to operate in the zone.
Once they meet the initial three-year presence in Myanmar requirement, foreign insurers need to have 30 years of experience in the business and at least two years of experience with the Asean region to be allowed to operate in the SEZ.
The foreign insurers are also required to work with domestic insurance companies.
Some European insurers entered Myanmar’s market after the EU eased economic sanctions against the country.
- January 21
China has recommitted to opening up its market to foreign insurers.
- January 21
Minimum capital requirements of P900m are necessary by the end of the year.
- January 8
Insurance Council of Australia wants more information from the Australian Securities and Investments Commission.
- January 4
Officials said on Wednesday that they are finally ready to award licences to foreign insurers.