AFTER WAITING years to enter the Myanmar market, foreign insurance companies have been told they can expect to be granted operating licences within months.
The licences will be issued under an industry liberalisation plan that was delayed for more than a year – a hold-up that the regulator, the Insurance Business Regulatory Board, has defended as being necessary to strengthen the transparency of the process.
The licensing decision was announced by the Ministry of Planning and Finance in early January. It said up to three foreign life insurance companies would be allowed to operate as 100 percent wholly owned subsidiaries and the rest would be required to establish joint ventures with domestic insurers to offer life and other forms of cover.
