Insurance Business Regulatory Board approved a raft of new insurance products

The Insurance Business Regulatory Board under the Ministry of Planning, Finance and Industry announced in the first week of March its decision to approve a raft of new insurance products.
Insurers need approval from the Board before they can market new insurance products or redesign existing ones. New products must be in the scope of life or general insurance, according to an official from the Board.
Insurance companies can propose one insurance product at a time; they must secure approval for their proposed product before proceeding with another proposal. There are now 14 insurance products in the market provided by 11 local firms.
Myanmar has opened up the insurance industry to private sector players and seven of the 11 local insurance companies are licensed to operate life and general insurance services and four are licensed to offer life insurance.
The regulator approved five foreign-owned companies and six joint-venture firms in April last year. These companies have invested a total of $127 million plus K 67 billion in the insurance service industry, data from the Board show.

(Myanmar Business Today: https://mmbiztoday.com/regulator-greenlights-new-insurance-products/ )

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