31 Aug 2018
MYANMAR: Overseas-Owned Insurance Companies Set for Nationwide Trading Approval
The country’s insurance sector is to be opened up to foreign direct investment (FDI), with overseas companies allowed to sell their products, including life and general insurance, to the general populace. Currently, overseas-owned insurance companies can only conduct business within the Thilawa Special Economic Zone (SEZ).
Prior to being allowed to operate, however, interested insurance companies will have to pass the scrutiny of a state-appointed inspection agency. For those that do, it is expected that formal assent will be granted within the 2018-2019 fiscal year, which officially begins on 1 October.