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January 3, 2019

Myanmar Opens Insurance Industry to Foreign Companies

On January 2, 2019, Myanmar’s Ministry of Planning and Finance issued an announcement inviting local and foreign insurers to submit their Expressions of Interest (EOIs) and/or Requests for Proposals (RFPs) for carrying out life and non-life insurance businesses in the country. Successful EOIs and RFPs will ultimately lead to the grant of licenses to operate in the jurisdiction.

The following licenses are available:

Life Insurance

  • Up to three licenses for life insurers operating as 100% foreign-owned subsidiaries.
  • Licenses for foreign insurers with a life/composite representative office in Myanmar to form a joint venture with local life insurers.

Non-life Insurance

  • Licenses for non-life insurers with a non-life/composite representative office in Myanmar to form a joint venture with local non-life insurers. 

The government has been vocal about reforming Myanmar’s insurance industry, which is currently restricted to 11 local companies. This announcement is a major step toward such reform, opening the rapidly developing country to the international insurance sector, and unlocking a market of over 53 million potential customers.

For more information, and for assistance with preparing an EOI or RFP in response to the announcement, please contact Tilleke & Gibbins at [email protected].

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