Myanmar Opens Insurance Industry To Foreign Companies.

Legal News & Analysis - Asia Pacific - Myanmar - Insurance & Reinsurance - FDI

16 January, 2019

 

On January 2, 2019, Myanmar's Ministry of Planning and Finance issued an announcement inviting local and foreign insurers to submit their Expressions of Interest (EOIs) and/or Requests for Proposals (RFPs) for carrying out life and non-life insurance businesses in the country. Successful EOIs and RFPs will ultimately lead to the grant of licenses to operate in the jurisdiction.

 

The following licenses are available:

 

Life Insurance

 

  • Up to three licenses for life insurers operating as 100% foreign-owned subsidiaries.
  • Licenses for foreign insurers with a life/composite representative office in Myanmar to form a joint venture with local life insurers.

 

Non-life Insurance

 

  • Licenses for non-life insurers with a non-life/composite representative office in Myanmar to form a joint venture with local non-life insurers. 

 

The government has been vocal about reforming Myanmar's insurance industry, which is currently restricted to 11 local companies. This announcement is a major step toward such reform, opening the rapidly developing country to the international insurance sector, and unlocking a market of over 53 million potential customers.

 

Tilleke & Gibbins T&G - Stylized

 

For further information, please contact:

 

Yuwadee Thean-ngarm, Tilleke & Gibbins

yuwadee.t@tilleke.com

 

See our full Doing Business In Myanmar Report via this linkhttps://www.investingmyanmar.com