THE REPUBLIC OF THE UNION OF MYANMAR MINISTRY OF PLANNING AND FINANCE ANNOUNCEMENT NO (3 /2019)
15th Waning of Waso, 1381 ME (31 July 2019)
Announcement of successful applicants for life insurance business in Myanmar to be operated by a joint venture between a Myanmar insurer and a foreign insurer (“Life Insurance JV”)
- Following the issuance of Request for Proposal to form Life Insurance JV, the Ministry of Planning and Finance (“MoPF”) has completed the RFP evaluation process for the submitted Proposals and would like to announce that the following Applicants and Foreign JV Partners(in alphabetical order) have met the assessment criteria and appointed as Successful Applicants for the formation of Life Insurance JVs in Myanmar:-
- Capital Life Insurance Limited and Taiyo Life Insurance Company Limited;
- Citizen Business Insurance Public Limited and Thai Life Insurance Public Company Limited; and
- Grand Guardian Life Insurance Company Limited and Nippon Life Insurance Company.
- The Successful Applicants will have to comply with all conditions precedent stipulated by the MoPF in the respective appointment letters and take all necessary measures to ensure functional operation from the date of commencement of the Life Insurance JV business. Upon fulfilment of the stipulated conditions precedent, the MoPF will grant the Successful Applicants final approval for the Life Insurance JV.
Source: Ministry of Planning & Finance
To read the announcement on the winners of the non-life insurance business click here
