The Myanmar government is calling for Expression of Interests for life insurance and general insurance licences from citizen-owned firms. Those interested will be vying for one life insurance licence and one general insurance licence.
The government will choose either one or two companies from the applicants for the licences, reported The Myanmar Times quoting a statement issued by the Insurance Business Regulatory Board under the Ministry of Planning, Finance and Industry.
The Financial Regulatory Department says that either one candidate may be selected to provide both general insurance and life insurance services; or two companies may be picked, with one to be awarded a general insurance licence and the other to be granted a life insurance licence.
There are currently 24 local and foreign-funded insurance companies operating in the country.