Invitation Letter for Expression Of Interest (EOI) To Form Joint Venture to carry on Life Insurance Business in Myanmar. Closing Date 11 Feb 2019

The Government of the Republic of the Union of Myanmar (“the Union Government” or “the Government”) has started the process of reform in the insurance sector by granting licences to local insurers since 2013.

Since then, there has been a number of local insurers and foreign representative offices established. In order to increase foreign investment contribution towards the economic development of the Country, the Government is currently opening the insurance sector for further liberalization.

The Ministry of Planning and Finance (“MoPF”), facilitated through the Financial Regulatory Department (“FRD”), is pleased to invite local life insurers (“Applicant” or “you”) to express interest in forming a joint venture (“JV”) with a foreign insurer (“foreign JV partner”) by responding according to instructions set out in Annex A. The foreign JV partner is required to have a local representative office registered for life/composite insurance business as at 31 December 2018 in order to be eligible to form a JV with local life insurers. This invitation letter and its Annexes (collectively, the “Invitation”) sets forth, amongst others, the process for the expression of interest.

This Invitation is strictly only applicable to an Applicant who intends to form a JV with a foreign JV partner. The MoPF only permits 1 local life insurer to partner exclusively with 1 foreign life/composite insurer JV partner, and vice versa. Both the Applicant and foreign JV partner (if identified) are permitted to respond to only one Invitation and to participate in only one EOI at any point in time.

By submitting your response to this Invitation, you agree to be bound by the binding terms stated within this Invitation. Upon receipt of your response, the MoPF will evaluate your response and may reach out to you if we have any questions.

Source: Financial Regulatory Department, MOPF

To download EOI document click here

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