Myanmar to Open Market to Foreign Insurers

The Myanmar Times has announced government plans to open the insurance market to foreign insurance companies in 2017.

U Thant Zin of the Financial Regulation Department commented that liberalising the insurance sector should give an additional boost to economic development.

Discussions will be organised by the government to ascertain whether 100 percent
foreign-owned insurers will be allowed to operate in Myanmar, or if foreign investors will be required to form joint ventures with local firms.

As P&I Correspondents in this country, we were particularly interested to learn this news which confirms Myanmar’s international ambitions.

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