The government has allowed two more companies namely, First National Insurance Co Ltd and Aung Thitsar Oo Co Ltd to offer their insurance services in US dollars after inspecting their capital is free from black MONEY.
First National Insurance is owned by tycoon Tay Za’s Htoo Group and Aung Thitsar Oo belongs to military-owned Myawaddy.
Recently, IKBZ Co Ltd and Grand Guardian Co Ltd received approval to do so. Hence, there are already four companies approved to offer insurance services in US currency. Another two companies namely Global World Insurance and Ayar Myanmar Insurance are still under processing.
“We’ve got approval to offer our services in dollars. We will start it in coming one or two months,” said Aung San from First National Insurance.
Such approval is granted depending upon the capability of the firms and the approved ones need to put US$500,000 as initial capital to Myanmar Investment and Commercial Bank.
The government started to allow private companies to do insurance business as of May 28, 2013. Private insurance companies need to raise Ks 6 billion ($6 million) capital to offer life insurance services and Ks 46 billion ($46 million) capital to offer general insurance services. Sixty percent of the capital is for business operation and the rest 40 percent is reserved for compensations and stored at Myanmar Insurance.
Source: ELEVEN MYANMAR