Myanma Insurance, the sole state-owned insurance organization in Myanmar, has permitted five private firms to offer insurance services in the country for the first time in 50 years.
IKBZ Insurance Co Ltd, Grand Guardian Co
Ltd, Aung Thitsar Oo Co Ltd, National Economy Public Co, and Aung Myint
Mo Min Insurance Co Ltd were given company licenses with ceremony at
Myanma Insurance’s office on May 25.
“This is the first time in 50 years
private companies have been given company licenses to run insurance
business. As Myanma Insurance was the sole organization in the past, it
could not perform what should have performed. Now, the emergence of
private insurance firms will improve the market conditions, and what
couldn’t be achieved in the past will be achieved now,” Dr Maung Maung
Thein, Deputy Minister for Finance and Revenue, said.
Spokesperson of IKBZ Insurance told the
Eleven Media, “We followed every requirement in the application process,
gave necessary payments and obtained the license. We will offer both
life insurance and miscellaneous insurance services. Our company’s
opening ceremony will be held early June.”
Myo Naung, Managing Director of Grand
Guardian, said, “We are thankful for giving us the approval to run the
business when the country’s economy is improving. We will try our best
to succeed within the frame set by the ministry.”
Myanma Insurance has shortlisted 12
companies among 20 applicants, and it has given licenses to five of them
now. The rest will also be licensed before the end of June, an official
said.
Myanma Insurance was founded in 1952, and has been the sole provider of insurance services in Myanmar for over 50 years.
source: Eleven Myanmar
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