Written by Admin on November 19, 2013. Posted in Business, News, Top Stories
Local insurance firms in Myanmar are preparing to form a private
insurance companies association, according to the government-run
insurance outlet Myanma Insurance Service.
The Myanma Insurance Service, which was the only insurance company in
Myanmar about two years ago, has granted licenses to 12 private
insurance companies as part of efforts to liberate the industry.
Deputy finance and revenue minister Dr Maung Maung Thein said the
purpose of the association would be sustainability of the private
insurance firms in the market.
"There are also insurance companies in other countries as well.
The formation would contribute to the development of Myanmar's insurance
industry," the deputy minister is quoted as saying.
Myanmar is getting various components of its economy ready for the
formation of ASEAN Economic Community in 2015.
Private insurance companies in Myanmar are allowed to sell premiums
for six major services.
Most private banks are among 12 companies which set up the private
insurance companies in Myanmar.
http://www.information.myanmaronlinecentre.com/private-insurance-firms-to-form-insurance-association/
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