Foreign insurance companies who meet their standards allow to work in SEZs says IBSC

Foreign insurance companies who meet their standards allow to work in SEZs says IBSC Insurance Business Supervision Committee (IBSC) will be the only granted foreign insurance company which meets their standardizations to work in Thilawa Kyaukpyu and Dawei special economic zones, according to its committee.

The committee said they will announce the profile of companies who are eligible to make business in SEZs during May.

“We have already drawn for the standardizations for foreign insurance companies. We will announce the standardizations later,” said Dr. Maung Maung Thein, Chairperson of the IBSC.

Moreover the companies who are allowed to work in SEZs need to pay US$30,000 license fees.

At present, Myanmar allowed foreign insurance companies including from Europe and South East Asia countries to open representative offices. Sompo Japan Insurance Inc., Mitsui Sumitomo Insurance Co. Ltd., Tokio Marine & Nichido Fire Insurance Co. Ltd., Taiyo-Life Insurance Co. Ltd., Poema Insurances, American International Assurance Co. Ltd., Samsung Life Insurance Co. Ltd., The Great Eastern Insurance Assurance Co. Ltd., Prudential Holdings Ltd., ACE INA International Holdings Ltd., Pana Harrison (Asia) Pte. Ltd., Manulife Financial Life Insurance and Wills are among the foreign insurance companies who have been granted to open representatives’ offices in Myanmar.

Local insurance companies have two kinds of insurance businesses. The first one is life insurance companies and the second is more general insurance companies.

Local and foreign insurance companies will have to collect insurance rates fixed by the IBSC and they can be granted general insurance including fire insurance.

Source: Eleven Myanmar

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, "Dagon City", “MOGE”, “yangon stock exchange”,"MECTEL", "hydropower", etc.

To learn about the business opportunities in Myanmar click here

To evaluate the various segments of the market that you could possibly enter base on your competencies you can do a Custom Market Entry Strategy Research. You can see a sample report at page "Actual Sample of Client Report”. Click here to go to page.

Do you know that IE Singapore is giving up to SGD 20,000 support for Singapore company to venture into Myanmar? To learn more click here