Foreign insurance firms get green light

Myanma Insurance, the state-owned insurance company, has announced the completion of rules and regulations for foreign firms to operate in special economic zones, adding that foreign companies will be required to pay a US$30,000 licence fee.

They would be allowed to operate in special economic zones (SEZ) such as Thilawa, Kyaukpyu and Dawei which were under construction, it said.

"The process to create rules and standards for foreign insurance companies entering Myanmar is finished. A foreign company will need to pay US$30,000 for a licence fee to enter the SEZs. Myanmar companies which have already paid their fees will not need to do so again," said Dr Maung Maung Thein, chairman of the Insurance Business Supervisory Board.

Currently, 15 companies from Europe and Asia are allowed to open offices.