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

December 26, 2022

Practical Law: Insurance and Reinsurance in Myanmar (December 2022)

Subscribe to Updates

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
  • Insolvency
  • Tax
  • Insurtech

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.

Related Professionals

Industries

Insurance

Location

RELATED INSIGHTS​ 

April 8, 2020
Cross-Border Transportation of GoodsThe National Taskforce Committee for COVID-19 Prevention and Control has issued Guideline No. 020, Regarding Prime Minister’s Order No.02/PM, dated April 2, 2020, which includes directives aimed at the freight sector. The transportation of goods is one of the few operations that is still permitted to cross the Lao border, although this is subject to the following regulations:
Read More
April 2, 2020
On March 31, 2020, Vietnam issued Directive No. 16/CT-TTg of the Prime Minister of Vietnam, setting out a wide range of social distancing measures, which we covered in an earlier client alert (click here for details). Following this nationwide announcement, local authorities in various provinces and cities have released their own guidance on implementation of measures for preventing and controlling the COVID-19 outbreak.
Read More
March 19, 2020
The effects of the global COVID-19 pandemic on Southeast Asia are a deep concern shared by all with connections to the region. To encourage clear understanding of the facts on the ground, Tilleke & Gibbins has prepared this high-level snapshot of the legal situation as it currently stands in each of our jurisdictions.Administrative and Judicial Functions
Read More
March 11, 2020
The latest update to the Laos chapter of Thomson Reuters’ Practical Law guide to insurance and reinsurance has been published, written by legal practitioners from Tilleke & Gibbins’ Vientiane office. The guide presents a Q&A-style overview of insurance and reinsurance laws and practices in major jurisdictions around the world.
Read More