Local Property News | Posted by Hnin Ei Khin
Banking and microfinance companies have been granted licenses for insurance services, the Myanmar Insurance Regulatory Commission said in a statement on March 4.
Banks and microfinance businesses can do both: transferring to the insurance company and selling directly.
Financial institutions must have a corporate insurance agent license issued by the Insurance Supervisory Board.
In doing so, banks must get approval from the Central Bank of Myanmar and microfinance businesses must obtain corporate insurance representative approval from the Microfinance Regulatory Committee.
The license applications must include at least three licensed insurance agents in the Board of Director or in the Management team.
However, the financial institution prohibits the negotiation of insurance policy or contractual arrangements as required by the lender.
It is said that the insurance agent's lien is not barred in the loan applicant's insurance negotiations. If a bank breaches it, it must be taken action by the Financial Institutions Act and a microfinance company breaches it, it must be taken action by the Microfinance Act.
Written by iMyanmarHouse.com Team
Credit: iMyanmarHouse.com
