Five for­eign com­pa­nies granted pro­vi­sional li­cences for life in­surance

Mizzima Business Weekly - - CONTENTS -

Five for­eign com­pa­nies have been granted pro­vi­sional li­cences to is­sue life in­surance policies through sub­sidiaries fol­low­ing more than two years of de­lay in open­ing up the Myan­mar mar­ket, trade web­site in­ter­na­tion­al­in­vest­ment.net re­ported.

Bri­tish Pru­den­tial, Ja­panese Dai-ichi Life, Hong Kong AIA, US Chubb and Cana­dian Man­ulife have been au­tho­rised to es­tab­lish wholly-owned life in­surance sub­sidiaries. They are ex­pected to be­gin oper­at­ing by the end of 2019, pend­ing rel­e­vant re­quire­ments.

It marks the first time that the heav­ily-state-con­trolled econ­omy has al­lowed for­eign own­er­ship in its fledg­ling in­surance mar­ket, which was es­ti­mated to be worth only $13 mil­lion in life in­surance premium rev­enue as of 2017, the report said.

Photo: EPA

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