Yangon launches ASEAN compulsory motor insurance system

The launching ceremony of the ASEAN Compulsory Motor Insurance System (ACMI) took place in Yangon at the Head Office of the Myanma Insurance yesterday.
The ACMI, in line with Protocol 5 of the ASEAN Framework Agreement on the Facilitation of Goods in Transit (AFAFGIT), mandates third-party liability insurance for vehicles engaged in transit movement and will facilitate online payments.
Deputy Prime Minister and Union Minister for Planning and Finance U Win Shein highlighted that Myanmar is one of the four ASEAN countries actively implementing the ACMI System through the digital platform, a fact announced at the 24th Council of Bureaux Meeting in Halong, Viet Nam, on 6 December 2023. He emphasized that the online availability of third-party liability insurance for vehicles crossing the border into Myanmar will save time, human effort, and opportunity costs while generating additional income for the country. The Deputy Prime Minister asserted that the system would be beneficial, ensuring financial compensation to an effective extent in case a Myanmar citizen is harmed, injured, or killed by a vehicle in transit movement.
He commended the ACMI System for benefiting vehicle owners and drivers engaged in commodity transportation along the ASEAN boundary, aligning with ASEAN’s spirit of ‘One Vision, One Identity, One Community’.
The chairperson of the Insurance Business Supervisory Board also delivered a speech, and the managing director of the Myanma Insurance presented a video clip.
Implementing the ACMI system in Myanmar is expected to bring several benefits, including earning insurance premiums from vehicles in transit entering Myanmar, enhancing commodity flows and economic cooperation with ASEAN countries, and improving trades and services. — MNA/ TMT