The Operations carried out by Insurance Regulation and Supervision Division • Financial Regulatory Department under Ministry of Planning and Finance had been established on September 1, 2014 for the purpose of regulating and supervising on non-bank financial sector of Myanmar. Financial Regulatory Department has been assigned to regulate and supervise microfinance institutions, state-owned banks, private insurance companies and state-owned lottery. • To be participated by private sector in the area of insurance, ‘Insurance Business Law’ was enacted in 1996 and ‘Insurance Business Rules’ was promulgated in the following year, 1997.In line with ‘Insurance Business Law’, there appeared eleven insurance companies and sixty two branches owned by Myanmar citizen and twenty eight foreign insurance representative offices as of March 3, 2017. Three Japanese insurance companies out of (28) representative offices were allowed in Thilawa Special Economic Zone, as sector-wide business transaction with provisional license to operate. • Of these insurance companies, there are (4) insurance companies specifically performing the Life Insurance and the rest are (7) insurance companies performing the Composite Companies (including both Life and General Insurances). 4.Insurance Regulatory Board has allowed the private insurance companies to do the Nine Insurance Products. Besides, the Board has allowed the private insurance companies to provide the new five insurance products with the approval of the Cabinet in Myanmar Insurance Market. That why, total fourteen insurance products were being provided by private insurance companies. 5. So as to meet the objectives set by Insurance Regulation and Supervision Division under the Financial Regulatory Department, it is taking technical assistances from stakeholders in the market, development partners, neighboring countries and ASEAN member countries, as well, for the process of building capacity for its staff. Implementation strategy for creating insurance supervising and regulating Guideline and Manual to monitor and supervise Myanmar insurance industry effectively and efficiently has been put for commitment in Economic Development Plan of existing government. The Guideline and Manual are going to be in consistency with 2 International Association of Insurance Supervisors (IAIS) and Insurance Core Principles – 26 (ICP-26) to be in line with international insurance market. 6. To strengthen the process of private sector participation in the area of insurance industry that had been granted since 2013 and to increase inflow of foreign investment in Myanmar insurance market, Financial Regulatory Department has made a roadmap to insurance sector liberalization plan have been approved by the Cabinet. 7. According to the roadmap, we will create fully competitive insurance market and foreign insurance companies are setting up as level playing field with Myanmar citizen in Myanmar insurance sector during the 2018-2019 fiscal year. • Summing up, the Insurance Liberalization Mechanism will be created for Myanmar Insurance Market and Market Liberalization will be allowed soon for enabling to keep abreast with the regional ASEAN Insurance Market and to reach at AEC objectives. 9. Myanmar insurance industry is nascent to compete with neighboring insurance market, as such the Financial Regulatory Department signed Memorandum of Understanding between India Insurance Institute (III) and the Financial Regulatory Department for the sake of insurance transfer between two countries and as well as to build up the FRD’s staff’s capacity in the area of insurance regulation and supervision. 10. Moreover, Financial Regulatory Department has been appointed one long-term insurance expert from JICA for Strengthening of Insurance Market Surveillance since August ,2017. Financial Regulatory Department signed Record of Discussion of Myanma Insurance development project from August,2018 to December,2019 implementation with technical Assistance of JICA on 20th of April,2018. 11. Insurance Business Regulatory Board (IBRB) aims to create a plan to promote the quality of insurance agents in Myanmar. Capacity building to the insurance agents is being developed proportionately in line with insurance industry 3 development. The IBRB is endeavoring to upgrade existing courses for insurance agents. It is indeed in need of creating effective and efficient training for the agents in collaboration with Myanma insurance and private insurance companies alike. Cooperation and collaboration among Myanma Insurance, private insurance companies and citizen insurance experts will tend to sustainable development of insurance industry. 12. Myanmar Insurance Association associated with the Insurance Business Key players such as Myanma Insurance and Private Insurance Companies for supporting the market economy development system by Insurance business and will be opened the insurance training school at 17 th of October,2017. 13. The Memorandum of Understanding signing ceremony is hold between the Office of Insurance Commission, Thailand and Financial Regulatory Department of Ministry of Planning and Finance of the Republic of the Union of Myanmar at 8:30 am,30th of January,2018 in Hilton Hotel, Nay Pyi Taw. The MOU have these purposes, providing for technical assistance, the exchange of information and the capacity building for employee for insurance regulatory between these two countries. 14. Now, For providing the Foreign Insurance Companies’ Licensing ,Foreign Insurance Companies Licensing Board will be taken the outsource consulting services and they will be allowed to operate insurance business 2018-2019 fiscal year. Progress Report/for web

 

 

 

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