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EoI, RfP for insurance services invited

Foreign insurance companies which want to provide insurance services, can get Expression of Interest (EoI) and Request for Proposal (RfP), at www.frd.gov.com, an official website of Financial Regulatory Department at Ministry of Planning and Finance.

The ministry issued the statement dated January 2, allowing the foreign insurance companies to offer insurance services in the country.

Foreign insurance companies can make joint-venture with local insurance companies for life and general insurance services.

The ministry has directed local insurance companies which provide both life and general insurance services, to offer services separately. The ministry plans to grant insurance services to foreign insurance companies.

There are two options. The first option is allowing no more than three lincenses for foreign life insurers as 100 per cent wholly owned subsidiaries. The second option is allowing foreign life insurers with a life/composite representative office in Myanmar to form joint venture with local life insurers.

Similarly, the ministry will allow foreign non-life insurers with a non-life/composite representative office in Myanmar to form joint venture with local non-life insurers.

SOURCE: ELEVEN MYANMAR

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