Ministry of Planning and Finance released on April 5 the list of five foreign life insurance companies.

Five foreign life insurance companies are:  Prudential, Dai-ichi Life,  AIA, Chubb and Manulife.

Foreign life insurance companies shall do pre-license tasks and make necessary preparations for life insurance services when they started providing their services. After these processes, the ministry will issue licenses to foreign life insurance companies.

The announcement was originally scheduled for release on March 29. They are allowed to operate as a life insurance company through a 100pc wholly-owned subsidiary.

The foreign life insurance companies which are not included in the list are to submit the proposals to make necessary preparations for doing the joint-venture with local insurance companies, within four weeks. The deadline for the submission of proposals is May 3, 2019.