The Ministry of Finance and Planning is preparing for the day when it would allow foreign insurers to operate nationwide.
According to a report in Myanmar Eleven, Maung Maung Win, Deputy Minister for Finance and Planning, said: “As the Ministry is planning to introduce foreign insurance companies to do business in the whole of Myanmar, we are preparing necessary things such as the criteria and how to select the companies.”
Currently, only three Japanese companies are allowed to do business in Thilawa Special Economic Zone.
There are also 25 representative offices of foreign insurance entities in Myanmar. Some of these offices have been open for the last 15 years and some were set up within the last four years. In addition, there are 11 locally owned insurance companies.
Last month, the Myanmar government informed foreign insurers with representative offices in the country that they would be eligible to apply for a licence to operate in the Thilawa Special Economic Zone. This has been described as an "initial step" in the insurance sector's liberalisation.