May 1, 2015

Foreign insurance companies who meet their standards allow to work in SEZs says IBSC.

.Foreign insurance companies who meet their standards allow to work in SEZs says IBSC Insurance Business Supervision Committee (IBSC) will be the only granted foreign insurance company which meets their standardizations to work in Thilawa Kyaukpyu and Dawei special economic zones, according to its committee.

The committee said they will announce the profile of companies who are eligible to make business in SEZs during May.

“We have already drawn for the standardizations for foreign insurance companies. We will announce the standardizations later,” said Dr. Maung Maung Thein, Chairperson of the IBSC.

Moreover the companies who are allowed to work in SEZs need to pay US$30,000 license fees.

At present, Myanmar allowed foreign insurance companies including from Europe and South East Asia countries to open representative offices. Sompo Japan Insurance Inc., Mitsui Sumitomo Insurance Co. Ltd., Tokio Marine & Nichido Fire Insurance Co. Ltd., Taiyo-Life Insurance Co. Ltd., Poema Insurances, American International Assurance Co. Ltd., Samsung Life Insurance Co. Ltd., The Great Eastern Insurance Assurance Co. Ltd., Prudential Holdings Ltd., ACE INA International Holdings Ltd., Pana Harrison (Asia) Pte. Ltd., Manulife Financial Life Insurance and Wills are among the foreign insurance companies who have been granted to open representatives’ offices in Myanmar.

Local insurance companies have two kinds of insurance businesses. The first one is life insurance companies and the second is more general insurance companies.

Local and foreign insurance companies will have to collect insurance rates fixed by the IBSC and they can be granted general insurance including fire insurance.

Source: Eleven Weekly Media