Insurance Business Regulatory Board of MoPF holds 27th regular session (3/2020)

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