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Governance, Risk and Compliance - The Myanma Insurance Industry

Published By :

GlobalData

Published Date : Sep 2018

Category :

Banking

No. of Pages : 45 Pages

Governance, Risk and Compliance - The Myanma Insurance Industry

Summary

GlobalDatas "Governance, Risk and Compliance - The Myanma Insurance Industry", report is the result of extensive research into the insurance regulatory framework in Myanmar.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalDatas research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Myanmar, including -
- An overview of the insurance regulatory framework in Myanmar.
- The latest key changes, and changes expected in the countrys insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Myanmar.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.

Key Highlights

- The Insurance Business Regulatory Board supervises and regulates the Myanma insurance industry under the Ministry of Finance and Revenue.
- Composite insurance is permitted in Myanmar.
- The government of Myanmar does not permit foreign direct investment (FDI) in the insurance industry. However, the government is planning to open up the industry for foreign insurers by permitting 100% FDI.
- The placement of non-admitted insurance is not permitted in the Myanma insurance industry.
- Motor third-party liability insurance, accident insurance and professional indemnity for insurance brokers are the key classes of compulsory insurance in Myanmar.

Scope

- The report covers details of the insurance regulatory framework in Myanmar.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the countrys insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to buy

- Gain insights into the insurance regulatory framework in Myanmar.
- Track the latest regulatory changes, and expected changes impacting the Myanma insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
Table of Contents
1 INTRODUCTION 6
1.1 What is this Report About? 6
1.2 Definitions 6
2 GOVERNANCE, RISK AND COMPLIANCE 8
2.1 Legislation Overview and Historical Evolution 9
2.2 Latest Changes in Regulation 11
2.3 Legislation and Market Practice by Type of Insurance 15
2.3.1 Life insurance 17
2.3.2 Property insurance 18
2.3.3 Motor insurance 20
2.3.4 Liability insurance 22
2.3.5 Marine, aviation and transit insurance 23
2.3.6 Personal accident and health insurance 23
2.4 Compulsory Insurance 24
2.4.1 Accident insurance for travellers 24
2.4.2 Motor third-party liability insurance 24
2.4.3 Social security insurance 25
2.4.4 Liability insurance for ships with respect to oil pollution 26
2.5 Supervision and Control 27
2.5.1 The Ministry of Finance and Revenue 27
2.5.2 The Insurance Business Regulatory Board 27
2.5.3 Myanmar Insurance Association 28
2.6 Non-Admitted Insurance Regulations 29
2.6.1 Overview 29
2.6.2 Intermediaries 30
2.6.3 Market practices 30
2.6.4 Fines and penalties 30
2.7 Company Registration and Operations 31
2.7.1 Type of insurance organization 32
2.7.2 Establishing a local company 32
2.7.3 Foreign ownership 32
2.7.4 Types of license 34
2.7.5 Capital requirements 34
2.7.6 Solvency margin 35
2.7.7 Reserve requirements 35
2.7.8 Investment regulations 35
2.7.9 Statutory return requirements 35
2.7.10 Fee structure 36
2.8 Taxation 37
2.8.1 Insurance premium or policy taxation 37
2.8.2 Withholding taxes on premium paid overseas 38
2.8.3 Corporate tax 38
2.8.4 VAT 39
2.8.5 Captives 39
2.9 Legal System 40
2.9.1 Introduction 40
2.9.2 Access to court 40
2.9.3 Alternative dispute resolution (ADR) 40
3 APPENDIX 42
3.1 Methodology 42
3.2 Contact GlobalData 42
3.3 About GlobalData 43
3.4 GlobalDatas Services 44
3.5 Disclaimer 45

List of Tables
Table 1: Insurance Industry Definitions 6
Table 2: Myanmar - Insurance Regulatory Framework Key Features 8
Table 3: Myanmar - Life Insurance Regulatory Framework 17
Table 4: Myanmar - Property Insurance Regulatory Framework 18
Table 5: Myanmar - Motor Insurance Regulatory Framework 20
Table 6: Myanmar - Liability Insurance Regulatory Framework 22
Table 7: Myanmar - Stamp duty for Insurance Products 37
Table 8: Myanmar - Corporate Tax Rates for the Financial Year 2018 38

List of Figures
Figure 1: Myanmar - Insurance Supervision and Control at Various Levels 27
Figure 2: Myanmar - Insurance Regulatory Frameworks for Company Registration and Operation 31

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