The government has already approved the insurance market liberalisation plan drafted by the Insurance Business Regulatory Board, said Thant Zin, Director General of the Financial Regulatory Department (FRD) operating under the Ministry of Planning and Finance.
He said that Myanmar is ready to grant more licences to foreign insurers to operate in the country. He told Anadolu Agency that the government would lift the restrictions on local firms as well.
He said a selection committee led by the Deputy Finance Minister has been established to work on granting licences to some of the 24 foreign firms which have opened representative offices in Myanmar.
"This will happen within this fiscal year," he said. The current fiscal year ends on 31 March 2018.
Myanmar began to privatise the insurance market in 2013 when state-owned Myanma Insurance, the only insurer for decades, licensed 12 local private companies to operate under an array of restrictions.
A report published by the American Chamber of Commerce in July warned of slow development and instability of the Myanmar market due to several factors such as product restrictions, shortage of experienced professionals and IT system.
"These numerous systemic weaknesses leave the entire system vulnerable to collapse," the report said.
Currently, three Japanese companies are allowed to operate only in Thilawa Special Economic Zone on the outskirts of Yangon, the commercial capital of Myanmar.