The Ministry of Planning and Finance has announced the names of the five foreign insurance companies that will be allowed to operate in the Myanmar market. Analysts hope the entry of foreign insurers will bring a much-needed boost to the country’s economy. The ministry announced that it has awarded Preferred Applicants Foreign Life Insurance Licences to Dai-chi Life Insurance Company Limited from Japan, Manufacturers Life Insurance Company Canada, AIA Company Limited, Chubb Tempest Reinsurance Limited from Bermuda, and Prudential Hong Kong Limited. The foreign insurers will be allowed to operate 100 percent wholly-owned subsidiaries of their parent companies. According to an article in DealstreetAsia, the licensees will be required to comply with pre-licensing conditions established by the ministry. The international firms are expected to take about six months before they formally enter the market, U Thaung Han, secretary of the Myanmar Insurance Association, was quoted as saying.
