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MoPF announcement on life and non-life insurance JV

MoPF announcement on life and non-life insurance JV

August 27, 2019

Following 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:

  1. Capital Life Insurance Limited and Taiyo Life Insurance Company Limited
  2. Citizen Business Insurance Public Limited and Thai Life Insurance Public Company Limited
  3. Grand Guardianဎ Life Insurance Company Limited and Nippon Life Insurance Company

Non-life insurance joint ventures:

  1. AYA Myanmar General Insurance Company Limited and Sompo Japan Nipponkoa Insurance Inc
  2. Grand Guardian General Insurance Company Limited and Tokio Marine and Nichido Fire Insurance Company Limited
  3. IKBZ Insurance Company Limited and Mitsui Sumitomo Insurance Company Limited

AUTHOR

Qualified both in China and in New York, Edith is a senior associate based in our Yangon Office where she advises clients for commercial transactions across infrastructure, banking and financing as well as telecommunications sectors. She also represents clients in project negotiations with the Myanmar Government.


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