Myanmar to grant licences to foreign insurersOctober 3 2017 by InsuranceAsia News Staff
A government official in Myanmar announced that that the country is now open to grant licences to foreign insurance companies wishing to establish operations in the country.
The announcement comes after the nation embarked on decentralisation efforts for its insurance market.
Such efforts started in 2013 when the country’s sole insurer for decades, Myanma Insurance, gave licences for 12 local private companies to set up businesses with some restrictions.
Thant Zin, director general of the Financial Regulatory Department (FRD), which is under the Ministry of Planning and Finance, said the government is ready to lift such restrictions on local firms and to even expand the move to cover foreign firms soon.
In July, the American Chamber of Commerce reported the slow development and instability of the Myanmar market owing to a slew of reasons, including product restrictions, a shortage of experienced professionals and its IT system.
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Minimum capital requirements of P900m are necessary by the end of the year.
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Insurance Council of Australia wants more information from the Australian Securities and Investments Commission.
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Officials said on Wednesday that they are finally ready to award licences to foreign insurers.