The Japanese company Sompo Japan Nipponkoa Insurance has started running its general insurance services at Thilawa SEZ

The Japanese company Sompo Japan Nipponkoa Insurance says it has started running its general insurance services at Thilawa Special Economic Zone.

It was the first foreign company to be granted a license on May 25 this year for its insurance business operating.

Formerly, Foreign insurance companies were only allowed to open their representative offices. Now they're allowed to run in special economic zones this year.

"We have been allowed to run insurance services at Thilawa since May 25. We're running fire and marine insurance services mainly," said an official from the company.

The foreign companies are allowed to run their services in special economic zones such as Thilawa, Dawei and Kyaukphyu which are still under construction. Currently three Japanese companies are allowed to run their businesses at the Thilawa.

"There are many representative offices in Myanmar. For the time being, Japanese companies are granted licenses, but companies from the West are still under official assessment," said DrMaungMaungThein, chairman of Insurance Business Supervisory Board.

The insurance companies need to pay US$30,000 as a license fee and US$10,000 as an annual fee to run business in the special zones. They're also required to have 30 years of business experience and their representative offices running in the country for three years at least.

Currently, eighteen foreign insurance companies have opened their representative offices.

Source: http://elevenmyanmar.com/local/japanese-insurance-company-launches-business-myanmar

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