Foreign insurance companies will be allowed to do business this fiscal year

According to deputy minister for Finance and Planning Maung Maung Win, the government is planning to allow foreign insurance companies to do business this fiscal year.

Currently, only three Japanese companies are allowed to do business in Thilawa Special Economic Zone and the Ministry of Finance and Planning is preparing for the implementation of nationwide coverage as well.

“As the Ministry is planning to introduce foreign insurance companies to do business in entire Myanmar, we are preparing necessary things such as what are the criteria and how to select the companies,” said Maung Maung win, deputy minister for Finance and Planning

There are 25 representative offices of foreign insurance companies in Myanmar. Some of these offices have been open for the last 15 years and some were opened in last 3 or 4 years. There may be difference in waiting period but they all have a common aim: to open foreign insurance companies if the government allows it. At present, there are 11 insurance companies owned by locals, Maung Maung Win added.

Source: Eleven Myanmar

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