THE 27th regular session of the Insurance  Business  Regulatory  Board-IBRB  (3/2020)  under the Ministry of Planning and Finance was held in Nay Pyi Taw yesterday.

During   the   meeting,   IBRB  Chair  Deputy  Minister  U Maung Maung Win said the insurance industry plays a key role in Non-Bank Financial Industry  (NBFI).  The  officials  make efforts to ensure stable and  sustainable  economic  growth  by  purchasing  Risk-free  Financial  Product  like  government treasury bond or implementing proper projects with the savings of banks and premium revenue of insurance industries.

The  IBRB  will  decide  on  the  issuance  of  permits  for  new  insurance,  corporate  insurance agent permits, exam fees for insurance agent candidates and insurance services of financial institutions. 

Then,  the  officials  coordinated  the  discussion,  and the Chairman concluded the meeting.

Although  the  country  operated the Myanma Insurance in  the  past,  the  government  granted  permits  to  local  private  insurance  companies  in  2013.  Moreover,  it  also  permitted foreign insurance companies  in  2019.  Currently,  25  local  insurers  and  11  foreign  insurers  have  been  granted  licences to operate 32 types of insurance.

During the COVID-19 pandemic,  the  insurance  firms  also  offer  COVID-19  benefit  to their customers as financial support if they are infected by COVID-19 and hospitalized.

MNA

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