More Foreign Insurers Could Soon Get License in Myanmar

MYANMAR – The government of Myanmar plans to further open up its domestic insurance market following the issuance of temporary licenses to three foreign insurers, allowing them to operate at the Thilawa special economic zones.

Deputy finance minister U Maung Maung Thein said in a news conference that the temporary licenses are the first step to gradually opening up the market to more foreign investment.

However, U Maung Maung Thien did not provide a timeline for the planned opening up of the domestic insurance market.

Myanmar has already made a set of criteria as basis for granting a license to foreign insurer.

These include having a Myanmar representative office for three years and operations in two other ASEA countries.

There are currently 16 representative offices of foreign insurers in Myanmar. – BusinessNewsAsia.com

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