On 2 January 2019, the Ministry of Planning and Finance issued an announcement (Announcement No. 1/2019) inviting local and foreign companies to submit expressions of interest (EOI) and respond to requests for proposals (RFP) for operating an insurance business in Myanmar. This is considered a major step towards allowing foreign companies to engage in insurance businesses in the country.
The announcement also provides for a licensing structure for insurance companies, distinguishing between life and non-life insurance service providers. At least 3 foreign companies will be allowed to provide life insurance services in Myanmar, while the rest will have to enter into a joint-venture agreement with local insurers. On the other hand, non-life insurance providers will always be required to enter into a joint-venture agreement with local insurers.
Details such as timing and requirements have yet to be provided regarding the EOI and RFP process, and clients are advised to keep a close watch on developments. If you would like to discuss these developments in greater detail, please contact us. We will continue to issue updates as new information becomes available.