FRIDAY, March 29, 2024
nationthailand

Insurance licenses available

Insurance licenses available

Myanma Insurance, the state-owned enterprise, has announced the completion of rules and regulations for foreign firms to operate in special economic zones.

The foreign companies will be required to pay a US$30,000 licence fee each. 
They would be allowed to operate in special economic zones (SEZ) such as Thilawa, Kyaukphyu and Dawei which are under construction, it said.
"The process to create rules and standards for foreign insurance companies entering Myanmar is finished. A foreign company will need to pay US$30,000 for a licence fee to enter the SEZs. Myanmar companies which have already paid their fees will not need to do so again," said Maung Maung Thein, chairman of the Insurance Business Supervisory Board.
Currently, 15 companies from Europe and Asia are allowed to open offices.
As of November last year, the companies that have opened representative offices in Myanmar are: 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. They are reportedly ready to enter and tap the huge potential of the country’s insurance market.
  Earlier last year, Myanma Insurance, the sole insurer in the country since 1952, took the dramatic step of ending its monopoly by allowing private companies to enter the market.
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