Among the international insurance firms that have representative offices in Myanmar, only Japanese firms have applied to operate in special economic zones, according to the supervisory board of Myanma Insurance.
Sixteen foreign insurance firms have opened representative offices in Myanmar, but they have not begun operations since regulations have not yet been fully disclosed.
“We will give them permits to begin operating as soon after the principles are issued,” said Dr Maung Maung Thein, the chairperson of the supervisory board.
Only those who meet the criteria will be given the green light. The insurance firms will first be permitted to operate in Myanmar’s three SEZs: Thilawa, Kyaukphyu and Dawei.
The set of criteria for foreign insurance firms has been drafted but has not been approved yet.
Both local and foreign insurance firms have to adopt premium fee rates set by Myanma Insurance’s supervisory board. Life insurance, fire insurance and general insurance will be allowed.
The 16 insurance offices include Sompo Japan, Mitsui Sumitomo, Tokio Marine and Nichido Fire Insurance, Taiyo, Poema, American International Assurance, Samsung, Great Eastern, Prudential Holdings, ACE INA international Holdings, Pana Harrison, Manulife Financial Life Insurance and Willis and Dongbu.
Over 80 per cent of the Thilawa SEZ has been completed. It is expected to start running this year.
Source: Eleven Media