Qualified foreign insurance providers will receive licenses to operate in Myanmar by April next year. “I can assure it is happening within the next 16 weeks,” U Thant Sin, Director of the Financial Regulatory Department under the Ministry of Planning and Finance, said during the UK Capital Market and Insurance Conference in Yangon on December 12.
“We will soon invite Expressions of Interest (EOI) so that foreign insurers can start operations in April or no later than May,” he said.
Foreign insurers from 14 countries have established a total of 31 representative offices in Myanmar in anticipation of the government allowing full foreign investments in life insurance and joint ventures in general insurance.
