24 Dec 2018
MYANMAR: Overseas Insurance Companies to be Offered April 2019 Operating Licences
The Ministry of Planning and Finance is to call on overseas-owned insurance companies to bid for April 2019-commencing operating licences. The announcement follows the earlier move to open up the country’s insurance sector to foreign direct investment (FDI).
Approved overseas-owned insurance service providers will, however, be required to invest at least US$14 million in order become eligible for a general insurance services licence. In addition, at least 30% of their invested capital will have to be converted into government bonds.