More insurance firms will be allowed to offer services in US dollars if they can meet the same requirements that were met by the four companies that have already received approval to offer such services, according to Dr Maung Maung Thein, chairperson of the Insurance Business Supervisory Board.
The government has given the green light to IKBZ, Grand Guardian Insurance, First National Insurance and Aung Thitsar Oo Insurance to offer services in US currency, but the companies have yet to receive approval for raising capital for these services.
Insurance firms that plan to offer US dollar services must have capital of at least $500,000. Maung Maung Thein said approval is also based on an assessment of the firm’s performance.
“More companies that meet the requirements and regulations will be granted approval to offer insurance services in US dollars. So far we have approved four companies. Perhaps, they will be allowed to raise the capital requirement of $500,000 this month,” he said.
The government began granting licences to private insurance companies in May last year. It allowed firms to offer life insurance, fire insurance, money-transfer insurance, cash insurance and automobile insurance. Travel insurance was added to the list in May of this year.
Source: ELEVEN MYANMAR