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Myanmar to open its doors to foreign insurers

Staff Writer | October 2, 2017
Myanmar is ready to grant license to foreign insurance firms to operate in the country, said a government official.
Myanmar bank
Asia   The restriction will be lifted
Myanmar began to decentralizate the insurance market in 2013 when state-owned Myanma Insurance, the only insurer for decades, licensed 12 local private companies to operate under an array of restrictions.

Director General of the Financial Regulatory Department (FRD) operating under the Ministry of Planning and Finance told Anadolu Agency that the government would lift the restrictions on local firms and grant licenses to foreign firms soon.

"The union government has already approved the liberalization plan draft by IBRB," said Thant Zin, referring to Insurance Business Regulatory Board in which his department acts as secretary.

He said a selection committee led by the deputy finance minister was also established to start working on granting license to some of the 24 foreign firms, which have opened representative offices in Myanmar.

"The restriction on local firms will also be lifted eventually," he informed.

"This will happen within this fiscal year," he said.