Myanmar authorities will allow foreign insurance companies to offer insurance services in 2018- 2019 fiscal year

Myanmar will allow foreign insurance companies to offer insurance services as of the upcoming fiscal year, said Zaw Naing, Secretary of Insurance Businesses Supervisory Board.

“This is a roadmap for the development of local insurance sector. The Union government has already given the nod for it. We will allow foreign insurance companies to sell life insurance and miscellaneous insurance services in the country. It will start in 2018-2019 FY,” he added.

Currently, the Insurance Businesses Supervisory Board is carrying out step-by-step scrutiny of foreign insurance companies.

Dr Sandar Oo, Managing Director of Myanmar Insurance said: “Buying insurance services in local insurance companies are relatively low. People will have more choices when foreign insurance companies enter the local insurance market.”

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