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On 2 January 2019, the Ministry of Planning and Finance issued an announcement (Announcement No. 1/2019) inviting local and foreign companies to submit expressions of interest (EOI) and respond to requests for proposals (RFP) for operating an insurance business in Myanmar. This is considered a major step towards allowing foreign companies to engage in insurance businesses in the country.

The announcement also provides for a licensing structure for insurance companies, distinguishing between life and non-life insurance service providers. At least 3 foreign companies will be allowed to provide life insurance services in Myanmar, while the rest will have to enter into a joint-venture agreement with local insurers. On the other hand, non-life insurance providers will always be required to enter into a joint-venture agreement with local insurers.

Details such as timing and requirements have yet to be provided regarding the EOI and RFP process, and clients are advised to keep a close watch on developments. If you would like to discuss these developments in greater detail, please contact us. We will continue to issue updates as new information becomes available.

Author

Author

Chadd Concepcion is a Senior Associate in Baker McKenzie's Yangon, Myanmar office.

Author

Rowan Kendall is a Senior Associate in Baker & McKenzie's Yangon, Myanmar office. Prior to joining the Yangon office, he was one of the first associates in the Brisbane office. He has expertise advising clients on aspects of competition law, including cartel investigations, merger clearances and third party access regulation.