Eleven insurance companies are running in Myanmar by investing US$127.044 million and Ks67.317 billion.

The issuance of licences to foreign insurance firms started in Nay Pyi Taw on November 28, 2019. Under the independent insurance programme, the Ministry of Planning, Finance and Industry issued insurance licences to five companies fully owned by foreigners.

Maugn Maung Win, chairman of Insurance Supervisory Committee and Deputy Minister for Planning, Finance and Industry, also issued operation licences to six joint-venture companies permitted to provide life and general insurance services.

If insurance companies want to sell new types of insurance and amend their insurance rules and regulations, they need to seek approval from the Insurance Supervisory Committee through the Financial Regulatory Department.