The government of Myanmar is looking to open the country's new insurance industry to foreign organisations in early 2017 while loosening restrictions for local companies. The decision will be part of a joined up push to bring liberalisation in a sector crucial to economic development.
At the same time the government will repeal restrictions on local firms that force them to offer the same products at the same prices. Liberalisation will require the government to make careful discussions about whether to allow 100% foreign-owned insurers or to require foreign investors to form joint ventures with local firms. The government would also have to decide which sectors foreign insurers would be allowed to compete in.
Work is underway on a “liberalisation roadmap” that looks to address these issues and is scheduled to be presented to the government in December.
