You are using an outdated browser and your browsing experience will not be optimal. Please update to the latest version of Microsoft Edge, Google Chrome or Mozilla Firefox. Install Microsoft Edge

April 10, 2019

Practical Law Insurance and Reinsurance Global Guide – Myanmar Chapter

Subscribe to Updates
Thomson Reuters Practical Law

The 2019 edition of the Insurance and Reinsurance Global Guide , a Practical Law Company publication that provides an overview of insurance and reinsurance law in 38 jurisdictions worldwide. The Myanmar chapter of the guide was written by members of Tilleke & Gibbins’ Yangon office, including Yuwadee Thean-ngarm, director, and Nwe Oo, attorney-at-law.

The Q&A gives a high level overview of the market trends and regulatory framework in the insurance and reinsurance market; the definitions for a contract of insurance and a contract of reinsurance; the regulation of insurance and reinsurance contracts; the forms of corporate organization an insurer can take; and the regulation of insurers and reinsurers, including regulation of the transfer of risk. It also covers: operating restrictions for insurance and reinsurance entities; reinsurance monitoring and disclosure requirements; content requirements for policies and implied terms; insurance and reinsurance claims; remedies; insolvency of insurance and reinsurance providers; taxation; dispute resolution; and proposals for reform. Finally, it provides websites and brief details for the main insurance/reinsurance trade organizations in Myanmar.

Practical Law Company is owned by Thomson Reuters and provides global guides covering legal know-how for corporate lawyers.

Download Full Article
Related Professionals

Industries

Insurance

Location

RELATED INSIGHTS​ 

September 10, 2019
On June 14, 2019, the National Assembly of Vietnam passed Law No. 42/2019/QH14 amending the Law on Insurance Business and the Law on Intellectual Property, which will come into effect on November 1, 2019, except for certain provisions amending the Law on Intellectual Property.
Read More
August 26, 2019
On August 13, 2019, Thailand’s Office of Insurance Commission (OIC) held a meeting to clarify its regulatory plan, which focuses on amendments to the approval process for insurance products and standard health insurance contracts. The amendments are expected to be implemented within this year.Amendments to the Approval Process for Insurance ProductsThe OIC plans to introduce a new approval system for insurance products. The amendments will reduce the timeline for approvals for insurance products as follows:
Read More
May 28, 2019
Amendments to the Non-life Insurance Act B.E. 2535 (1992) and Life Insurance Act B.E. 2535 (1992) were published in the Government Gazette  on May 25, 2019. They will come into force 180 days after publication—i.e. November 21, 2019. These amendments are the first in a series of updates that the Office of Insurance Commission (OIC) intends to introduce to modernize and improve Thailand’s insurance laws.The amendments mainly focus on insurance intermediaries, i.e., agents and brokers. The key changes introduced by the amendments are as follows:
Read More