Insurance Industry in Myanmar. De Mo Win Myint Staff Officer Financial Regulatory Department Ministry of Planning and Finance
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1 Insurance Industry in Myanmar De Mo Win Myint Staff Officer Financial Regulatory Department Ministry of Planning and Finance
2 A Brief Introduction about Myself
3 Introduction of Financial Regulatory Department Myanmar has reformed insurance sector by granting licenses to operate to local insurance companies since Financial Regulatory Department under the Ministry of Planning and Finance was established to regulate and supervise the insurance sector on 1 st of September, 2014 and the existing Insurance Business Law was amended by changing six phrases.
4 The Role of Financial Regulatory Department Ministry of Planning and Finance Insurance Business Regulatory Board (IBRB) Financial Regulatory Department (Secretariat of IBRB) State-Owned Myanma Insurance (Player) Regulate and Supervise Private Insurance Companies, and Foreign Insurance Representative Offices 4
5 Introduction of Financial Regulatory Department Myanmar has reformed insurance sector by granting licenses to operate to local insurance companies since Financial Regulatory Department under the Ministry of Planning and Finance was established to regulate and supervise the insurance sector on 1 st of September, 2014 and the existing Insurance Business Law was amended by changing six phrases.
6 Financial Regulatory Department (FRD) is under the Ministry of Planning and Finance. The Insurance Regulation and Supervision Division is one of the six divisions of Financial Regulatory Department It has been implementing the Myanmar Insurance Market development in accordance with: - policy, mission and objectives
7 Objectives of Financial Regulatory Department To strengthen the insurance market development in Myanmar; To ensure the sustainable development of insurance sector; To give the right protection to the insured public; and To allow the State-owned insurance business and local private insurance companies, foreign insurance companies and foreign representative offices to be phased in the insurance operations
8 The Role of Financial Regulatory Department Granted licenses to the local insurance companies since Reorganized the Insurance Business Regulatory Board (IBRB) on 14 th June, 2016 The chairman of the Board is Deputy Minister Amended the existing Insurance Business8Law
9 IBRB has been comprised with the following persons - (1) Deputy Minister of MOPF - Chairman (2) A representative from the Central Bank (3) A representative from the Attorney-General Office (4) A representative from the Auditor-General Office - Member - Member 9 -Member
10 IBRB has been comprised with the following persons - (5) A representative from the Directorate of the Investment and Company - Member Administration Department (6) A representative from the Internal Revenue Department - Member (7) Four Suitable citizenship Insurance Experts - Members (8) Acting Director General from Financial Regulatory Department - Secretary
11 Condition of Insurance Market in Myanmar Myanma Insurance (State-owned Insurance Company) has been operating: (a) As a player; (b) (10) classes of Life Insurance; and (c) (26) classes of non-life insurance. Agents - (2090) individuals 11
12 Condition of Insurance Market in Myanmar According to the Insurance Business Law and Rule, itis permitted to operate: The (11) private local insurance companies - (4) insurance companies for Life Insurance; - (7) insurance companies for Composite Companies (including both Life and General Insurances). 12
13 The Role of Financial Regulatory Department Supporting Documents for Insurance Companies' Licensing are: (1) Profile of the Company Group; (2) Profile of the Principal Officer; (3) Organization of Insurance Company; (4) Draft policy Wordings; (5) Business Plan; (6) Reinsurance Plan; (7) Memorandum & Article; (8) Guarantee; and (9) Office Structure and location. 13
14 A Glance at Myanmar Insurance Market The Insurance Business Rules set limits in principle on the asset allocation of insurance companies: - To ensure sound financial condition; - To open account in State-owned Bank at the definitely 10 % of the paid-up capital (kyats 6 billion for life insurance and kyats 46 billion for general insurance); and - To purchase government treasury bonds and bills at the 30 % of the paid-up capital.
15 The (11) private insurance companies are allowed to operate the (9) classes of insurance which are: (1) Life Insurance; (2) Fire Insurance; (property Insurance) (3) Comprehensive Motor Insurance; (4) Cash-in-transit Insurance; (5) Cash-in-safe Insurance; (6) Fidelity Insurance; (7) Marine Cargo Insurance; (8) Express-travelling Insurance; and (9) Health Insurance.
16 (5) New insurance products that allow to operate to insurance companies are as follows (1) Personal Accident Insurance (2) Marine Hull Insurance (3) Travel Insurance ( Under 100 Miles) (4) Farmer Life Insurance (5) Overseas Marine Cargo Insurance
17 Criteria for the application of foreign insurance companies Shall be in operation for at least thirty years Shall have the total asset or paid up capital at least thirty years Shall have Representative office in Myanmar at least for three years Rating shall not be less than S&P (B+) or tis equivalent Shall have operation license at least in two ASEAN countries
18 Supporting Documents for the application Resolution of Board of Directors Proof of the company history Proof of Myanmar representative office Proof of the total asset of the company Proof of the rating Proof of operation in ASEAN countries
19 A Glance at Myanmar Insurance Market In Myanmar Insurance Market, the cross boarder insurance operation has not been permitted. The (26) Foreign Representative Offices have not been permitted to operate insurance in Myanmar, except the three Japanese insurance companies. Sompo Japan Nippon Koa Insurance Inc Tokio Marine & Nichido Fire Insurance Co., Ltd. Mitsui Sumitomo Insurance Co., Ltd
20 These Japanese insurance companies have been allowed to operate the insurance business only in the Thilawa Special Economic Zone (SEZ), Yangon, as a sector-wise provisional license. These companies have been permitted to operate the (7) classes of insurance since May, 2015 which are: (1) Industrial All Risk; (2) Contractor s/ Erection All Risk; (3) Comprehensive Motor Insurance; (4) Property Insurance (Fire & Allied perils); (5) Cash in-safe/ in-transit Insurance; (6) Ocean Marine Cargo Insurance; and (7) Bailee s Liability Insurance.
21 List of Foreign Insurance Representative offices in Myanmar (1) Mitsui Sumitomo Insurance Co., Ltd (2) Sompo Japan Nippon Koa Insurance Inc. (3) Tokio Marine & Nichido Fire Insurance Co., Ltd (4) Taiyo Life Insurance Company (5) Poe- Ma Insurance Co., Ltd (6) AIA Comapany Limited (7) Pana Harrison (Asia) Pte. Ltd (8) CHUBB INA International Holdings Ltd (9) Prudential Holdings Limited (10) Manulife Asia Limited (11) Great Eastern Life Assurance Co., Ltd (12) Metlife Financial Asia Limited
22 List of Foreign Insurance Representative offices in Myanmar (13) Willis (Singapore) Pte. Ltd (14) Muang Thai Life Assurance Public Co., Ltd (15) K.M.Dastur & Company Private Limited (16) Dongbu Insurance Co., Ltd (17) The New India Assurance Company Limited (18) Allianz Global Corporate & Specialty SE (19) Jardine Lloyd Thompson Limited (JLT) (20) Shin Kong Life Insurance Co., Ltd (21) Thai Life Insurance Public Co., Ltd. (22) MARSH (Singapore) Pte., Ltd (23) AEGIS Management Consultants & Insurance Agency Co., Ltd. (24) Dai Ichi Life Holdings, Inc. (25) Grandiose Pte. Ltd
23 Condition of Insurance Market in Myanmar Taiyo Life Insurance Company has been officially recognized: -As the Leading Consultant ; -To provide the general consulting services to IBRB; -To launch the first health insurance product in Myanmar; -Since 11 July, 2015; -One of the Japanese Insurance Companies. 23
24 Market Analysis and Future Plans Future Plan:- (a)to implement the Open Insurance Market Operation, and (b)to establish the Pure (Perfect) Competition Market: (1)To be non-monopolistic stage; (2)To operate the co-insurance by the local/foreign companies; (3)To have Heterogeneous products; (4)To create free entry to and exit from the insurance industry; and 24 (5)To collect the transparent and free information.
25
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