Myanma Insurance generates over Ks181 bn in state revenue in three years

Writer: 
Pyae Phyo Aung and Hsan Htoo Aung

The State has received over Ks181 billion in tax revenue from Myanma Insurance over the past three financial years, said Minister for Planning and Finance Myint Thaung during a session of Yangon Region Parliament held on September 21.

The information came after Yangon Region MP Tint Lwin from Pazundaung Township Constituency No (2) asked the region government if there are plans to organise the people to better understand and get involved in insurance services and to allow Myanma Insurance and private insurance companies to fully explain their services and sell insurance policies at state organizations. He also questioned the region government about any plan to prioritise Myanma Insurance in having insurance of government-related businesses.

"Myanma Insurance is working by having contacts with international insurance services. Ours is the organisation which has had experiences in insurance service for many years. The insurance services running in Myanmar are working in line with the prescribed rules and disciplines. Myanma Insurance generated over K181 billion in tax revenue in three years—K46.39 billion in 2015-2016 fiscal year, K65.67 billion in 2016-2017 and K69.67 billion in 2017-2018 fiscal year," said Minister Myint Thaung.