MoPF announcement on life and non-life insurance JV
August 27, 2019Following previous announcements by the Ministry of Planning and Finance (“MoPF”), foreign life and non-life insurance companies can now form joint ventures with local insurance companies. In light of the recent developments, VDB Loi has been engaged by applicants in the application process.
On 31 July 2019, the MoPF by way of Announcement No. (3/2019) for life insurance joint ventures and Announcement No. (4/2019) for non-life insurance joint ventures announced the successful applicants for insurance joint ventures in Myanmar:
Life insurance joint ventures:
- Capital Life Insurance Limited and Taiyo Life Insurance Company Limited
- Citizen Business Insurance Public Limited and Thai Life Insurance Public Company Limited
- Grand Guardianဎ Life Insurance Company Limited and Nippon Life Insurance Company
Non-life insurance joint ventures:
- AYA Myanmar General Insurance Company Limited and Sompo Japan Nipponkoa Insurance Inc
- Grand Guardian General Insurance Company Limited and Tokio Marine and Nichido Fire Insurance Company Limited
- IKBZ Insurance Company Limited and Mitsui Sumitomo Insurance Company Limited
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