May 26, 2013

Five more private insurance companies granted to operate in Myanmar

Five more private insurance companies have been granted to operate in Myanmar, official media reported Sunday.

The five companies follows the 12 given permission to run their services in September last year.

"The insurance market has shifted from unipolar to multi-polar system which would make the insurance market stronger," the New Light of Myanmar quoted Deputy Minister of Finance and Revenue Dr. Maung Maung Thein as saying.

These granted private insurance companies are said to start their services in June.

According to the finance ministry, each company is set to deposit 46 billion Kyats (53 million dollars) in paid-up capital at Myanma Economic Bank.

Myanmar government allows different categories of insurance which cover credit guarantees and health insurance but limited to life and general insurance.

More categories of insurance are expected to be given green light in the future, said earlier report.

Source: Xinhua