Myanmar’s Insurance Business Regulatory Board (IBRB) will allow foreign general and life insurance companies to operate in the country from next month.

Board Secretary U Zaw Naing says international consultants will be hired to help screen foreign insurance providers before permitting them to compete.

“The IBRB has already invited proposals from international consultants,” he said.

“After it selects the right one, it will commence the necessary process to allow foreign insurance firms to enter the market.”

Three foreign insurance companies have been allowed to operate in the Thilawa Special Economic Zone, while several others have opened representative offices.

The market is dominated by state-owned Myanma Insurance, which reportedly welcomes the entry of foreign groups.

“The local insurance market needs investments and new technology to grow,” MD Daw Sandar Oo said.

“If foreign firms are allowed to enter, local insurance providers can co-operate with them to help develop this area in Myanmar.”