On January 2, 2019, Myanmar's Ministry of Planning and Finance issued an announcement inviting local and foreign insurers to submit their Expressions of Interest (EOIs) and/or Requests for Proposals (RFPs) for carrying out life and non-life insurance businesses in the country. Successful EOIs and RFPs will ultimately lead to the grant of licenses to operate in the jurisdiction.
The following licenses are available:
- Up to three licenses for life insurers operating as 100% foreign-owned subsidiaries.
- Licenses for foreign insurers with a life/composite representative office in Myanmar to form a joint venture with local life insurers.
- Licenses for non-life insurers with a non-life/composite representative office in Myanmar to form a joint venture with local non-life insurers.
The government has been vocal about reforming Myanmar's insurance industry, which is currently restricted to 11 local companies. This announcement is a major step toward such reform, opening the rapidly developing country to the international insurance sector, and unlocking a market of over 53 million potential customers.