Tilleke & Gibbins’ insurance specialists in Yangon have contributed the Myanmar overview to the Insurance and Reinsurance Global Guide, published by Thomson Reuters Practical Law.
The guide is a Q&A-style overview of insurance and reinsurance law, with entries from legal experts in 47 jurisdictions worldwide. Tilleke & Gibbins’ Myanmar contribution provides a comprehensive look at the market for insurance and reinsurance in the country, and it covers the following topics:
- Market trends
- Regulatory framework
- Authorization – Laws and bodies, insurance intermediaries, exemptions and foreign insurers, fronting, legal forms, restrictions and insurance activities
- Ownership restrictions
- Ongoing requirements
- Penalties for noncompliance
- Sales and marketing
- Transfer of risk
- Reinsurance contracts and risk
- Contracts and policies – Content requirements and common clauses, implied terms, customer protections, standard policies or terms
- Claims – Establishing a claim, time limits, subrogation, third-party claims, insurance of punitive damages, remedies for breach of policy
- Dispute resolution
The Q&A closes with a brief update on the new draft Insurance Business Law to reform the Myanmar insurance market.
Practical Law brings together guides to key legal practice areas around the world for business lawyers. Tilleke & Gibbins contributes many overviews on various legal practice areas for all of the firm’s jurisdictions in Southeast Asia.
To read the full Myanmar overview, please visit the Practical Law website.