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Announcement of Non-Life Insurance Winners by MOPF

THE REPUBLIC OF THE UNION OF MYANMAR MINISTRY OF PLANNING AND FINANCE ANNOUNCEMENT NO (4 /2019)

15th Waning of Waso, 1381 ME (31 July 2019)

Announcement of successful applicants for non-life insurance business in Myanmar to be operated by a joint venture between a Myanmar insurer and a foreign insurer (“Non-Life Insurance JV”)

  1. Following the issuance of Request for Proposal to form a Non-Life Insurance JV, the Ministry of Planning and Finance (“MoPF”) has completed the RFP evaluation process for the submitted Proposals and would like to announce that the following Applicants and Foreign JV Partners (in alphabetical order) have met the assessment criteria and have been appointed as Successful Applicants for the formation of Non-Life Insurance JVs in Myanmar:
    • AYA Myanmar General Insurance Company Limited and Sompo Japan Nipponkoa Insurance Inc.;
    • Grand Guardian General Insurance Company Limited and Tokio Marine and Nichido Fire Insurance Company Limited; and
    • IKBZ Insurance Company Limited and Mitsui Sumitomo Insurance Company Limited.
  2. The Successful Applicants will have to comply with all conditions precedent stipulated by the MoPF in the respective appointment letters and take all necessary measures to ensure functional operation from the date of commencement of the Non-Life Insurance JV business. Upon fulfilment of the stipulated conditions precedent, the MoPF will grant the Successful Applicants final approval for the Non-Life Insurance JV.

Source: Ministry of Planning & Finance

 

To read the announcement on the winners of the life insurance business click here

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