11 Jan 2019
MYANMAR: Overseas Life Insurance Businesses Invited to Bid for Operating Licences
The country’s insurance sector is now open for foreign direct investment (FDI). In line with this, the government has now formally announced its operational strategy and called for expressions of interest from overseas-owned insurance companies.
Under the terms of the proposed strategy, a maximum of three overseas-owned life insurance companies will be permitted to establish wholly-owned subsidiaries in Myanmar. Any overseas-owned life insurance business with an existing representative office in Myanmar – as well as any foreign non-life insurance business with a local representative office – that fails to secure one of the three operating licences will be allowed to enter the local market via a joint venture with a domestic insurance company.