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Five overseas-owned life insurance businesses – including AIA Hong Kong – have been granted provisional licences to provide insurance services in Myanmar. All five companies – (AIA plus Prudential (UK), Dai-ichi Life (Japan), Chubb (US) and Manulife (Canada) – are to be permitted to establish wholly-owned subsidiaries.
Under the terms specified by the Ministry of Planning and Finance, the five companies will be required to submit an irrevocable and unconditional proposal bond of US$400,000 by 26 April in line with the conditions agreed in their initial applications. In addition, any insurance companies that failed to secure operating licences (as well as those with an existing representative office in Myanmar) may enter the local market via a joint venture with a domestic life insurance company.
The move to grant these nationwide operating licences is seen as a further liberalisation of the country’s insurance services industry and follows on from overseas-owned insurance companies being permitted to conduct business within the Thilawa Special Economic Zone (SEZ).
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