Discussions are being held for adding six new insurance types including a new type of general insurance, phone screen insurance, according to the Insurance Business Regulatory Board (IBRB).
The IBRB discussed the new types of insurance at its 38th meeting held on January 21.
The new types of insurance to be discussed and decided by IBRB include general insurance types such as phone screen insurance, overseas parcel insurance, small group health insurance, life insurance types such as a new type of supplemental life insurance, a new type of critical illness additional plan and a new type of secure loan against life insurance.
There are nine domestic private life insurance companies in Myanmar’s insurance market including the state-owned Myanma Insurance, which operates both life and general insurance, three joint-venture life insurance companies, five wholly-owned foreign life insurance companies, six domestic private general insurance companies and three joint-venture general insurance companies, 27 in total. The IBRB has authorized insurance companies to sell health insurance, critical illness insurance and community-based health insurance to provide health protection to the public.
Currently, the IBRB has granted permission to operate 60 types of insurance and authorized 29 foreign insurance representative offices, five Adjusters & Surveyors offices, 58 corporate insurance agencies, 19,234 individual insurance agents, one insurance agent qualification center, and 25 in-house insurance agent training schools.
