YANGON, July 22 (Xinhua) — The Myanmar Insurance Business Supervisory Board has suspended granting licenses for foreign insurers to operate in Myanmar’s special economic zones for one year, official media reported Wednesday.
The further licenses will be granted starting next year and three Japanese insurers have so far been allowed to operate in the country’s SEZs, including the country’s first Thilawa SEZ, said Dr Maung Maung Thein, chairman of the board.
Of the three Japanese insurers, Sompo Japan Nipponkoa Insurance Inc which is the first granted firm launched its operation in the Thilawa Special Economic Zone in southern Yangon, the first phase of which is set to open in September this year.
The three Japanese insurers have presented in Myanmar with its representative offices for around two decades, said Dr Maung Maung Thein who is also deputy minister of finance.
Applicants must have had local representative offices for three years and the licenses do not permit them to operate outside the SEZs in accord with the Insurance Law of Myanmar.
Insurance firms operating in the SEZs are limited to property insurance, motor insurance, marine cargo insurance, contractors’ all-risk insurance and cash transfer insurance, he added.
At present, there are currently 16 representative offices of overseas insurers in the country.