Myanmar will establish insurance rules and design products with Japanese guidance and personnel support, to develop a potentially lucrative market.
Myanmar, which is liberalising its financial industry, will receive Japanese assistance in revising a 1996 insurance business law, reports Nikkei Asian Review.
Deputy finance minister Maung Maung Win has received a broad support plan, including advice on insurance regulations and practices, from Japanese Cabinet Office State Minister Takao Ochi during the former's visit to Japan.
The plan includes advice on establishing regulations for insurance companies to have sufficient funds for payouts, as well as know-how in providing such products as auto and endowment insurance.
Japan's Financial Services Agency is sending officials to Myanmar to provide personnel support for building financial infrastructure. There are also plans for staff from Japanese private sector insurers to visit the Southeast Asian country.