First National Insurance
Assuring Peace of Mind the Essence of Life
“FIRST NATIONAL INSURANCE GRAND OPENING (12-8-2013)”
ပထမအမ်ဳိးသား အာမခံ အမ်ားႏွင့္သက္ဆိုင္ေသာ ကုမၸဏီလီမိတက္ First National Insurance Public Co.,Ltd မွလုပ္ငန္းမ်ား စတင္၀န္ေဆာင္မႈေပးေနၿပီ ျဖစ္ေၾကာင္း သတင္းေကာင္းပါးအပ္ပါသည္။
First National Insurance
- Public Company Limited.
- No.400-406, Merchant Street,ံ
- Botahtaung Township, Yangon, Myanmar.
- Tel: 01-8610661-5, Fax: 01-8610675-6
- E-mail: email@example.com
IKBZ offers six different kinds of insurance coverage
Monday, June 03, 2013
International Kanbawza Insurance Company (IKBZ) launched insurance services yesterday and it is offering a total of six different kinds of coverage.
“IKBZ set up a 46 billion kyats capital investment in which 6 billion for life insurance and the rest for the others,” the managing director Nyo Myint of the Kanbawza Group. He continued “More cash amount will be added for capital investment in the future.
The company is writing 6 different policies that are life, fire, surety bonds, transportation, cargo and money secure.
“Our life policy will cover snake bites, group life and athletic life,” the principle office Tin Aye Win of the company said.
“The premium fees for the auto insurance will be priced based on auto licensing for commercial or personal use. A 10 million kyats worth auto’s premium will be 160,000 kyats for commercial use vehicle and 80,000 kyats for personal use. Life policy can be purchased by a person who is age between 18 to 55 and healthy,” the general manager Aung Soe Moe of the company said.
IKBZ was granted permission to operate insurance business in March. The office is located on Bosunpat Street in Yangon and the new office will be opened on Strand Street.
Source: Eleven Weekly Media
YANGON, May 26
Five more private insurance companies have been granted to operate in Myanmar, official media reported Sunday.
The five companies follows the 12 given permission to run their services in September last year.
“The insurance market has shifted from unipolar to multi-polar system which would make the insurance market stronger,” the New Light of Myanmar quoted Deputy Minister of Finance and Revenue Dr. Maung Maung Thein as saying.
These granted private insurance companies are said to start their services in June.
According to the finance ministry, each company is set to deposit 46 billion Kyats (53 million dollars) in paid-up capital at Myanma Economic Bank.
Myanmar government allows different categories of insurance which cover credit guarantees and health insurance but limited to life and general insurance.
More categories of insurance are expected to be given green light in the future, said earlier report.
Editor: Fu Peng
12 private insurance companies given conditional approval to start operating in Myanmar
For the first time in more than 50 years private insurance companies have been given conditional approval to start operating by the Myanma Insurance and the Insurance Business Supervisory Board (IBSB), it was revealed last week.
Twelve companies all met the standards imposed by IBSB and Myanma Insurance, an official told reporters during a September 5 press release at the meeting room of Myanmar Insurance.
U Aye Min Tun, chairman of Myanma Insurance, said the body received 20 applications, which were available between May and June, to operate insurance companies but approved only 12. He added that the companies still had to meet paid-up capital requirements and deposit the funds with Myanmar Economic Bank.
Of the 12 companies three plan to offer life insurance, which requires paid-up capital of K6 billion (nearly US$7 million) and the remaining nine planned to offer life and general insurance, which requires total capital of K46 billion or ($53 million).
“If the companies complete all the remaining steps they will be required to pay a K1 million annual fee and K3 million license fee. And before they start operating, Myanma Insurance will train their staff in how to manage an insurance system,” he said.
“IBSB will monitor the companies over the long term,” he added.
According to IBSB regulations, the companies must set up their operations and start working within 12 months, he said.
He added that Myanmar Economic Bank will return 60 percent of the paid-up capital to the companies to allow them to use it for operating expenses but will retain the other 40pc in case a company is unable to meet its obligations.
IBSB will also limit the premiums set by the companies.
The companies are:
IKBZ Insurance Public Company,
Great Future International Insurance Company,
Capital Life Ltd Insurance Application,
Global Standard Insurance Public Company,
Green Asia Insurance Company,
Jade King and Queen Service Company,
Mya Wady Insurance Company,
Pillar of Truth Insurance Company,
Citizen Business Insurance Company,
Ayeyar Myanmar Insurance Company,
Myintmo Min Insurance Company.