Asia Pacific Insurance

Myanmar

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Guide for Insurance Sales, Advisory and Distribution
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What are the different types of insurance intermediaries in the market and do they need to hold any licenses and minimum qualification to conduct business?

Insurance intermediaries are currently inactive in Myanmar. Insurance can be taken out directly with any licensed insurance provider. There is currently no competition within Myanmar for insurance products based on service or price differentiation as providers are only permitted to offer a set number of products and at restricted prices. Some liberalization of the Myanmar insurance regulations is expected within the next six to 12 months, and this could dramatically alter the insurance market landscape. As yet, however, no exposure drafts have been released for consideration.

Is it mandatory for insurers to offer customers the option of purchasing insurance products directly from them without going through financial advisers or intermediaries?

Yes, this is currently the only method for obtaining insurance products within Myanmar.

Do agreements between insurers and their agents need to take a certain form?

The only agency agreement permitted in Myanmar is where Myanma Insurance acts as an intermediary agent for a client who wishes to purchase offshore insurance. We understand that Myanma Insurance has standard documents for it to provide this service.

Can insurers pay volume-based commission to their appointed agents?

This question is irrelevant in Myanmar at this point in time.

Are insurers liable for any mis-selling of its agents or appointed distributors?

This question is irrelevant in Myanmar at this point in time.

Are there rules on the number of insurers that insurance brokers need to present to their customers?

There are only a limited number of insurers licensed in Myanmar at this point in time. Further, as noted above, there is currently no concept of insurance brokers within Myanmar.

Can insurance brokers receive commission from both insurers and their customers? If so, can they be volume-based commission?

This question is irrelevant in Myanmar at this point in time.

Can agents or appointed distributors offer rebates on insurance premiums or other special concessions to the customers?

This question is irrelevant in Myanmar at this point in time. Insurance providers are currently restricted by the extremely inflexible product offerings and price restrictions that apply in the Myanmar insurance market.

Can insurers appoint offshore agents or accept business from offshore brokers?

As noted above, customers can request insurance from an offshore provider. A customer can only do this where the insured value is greater than USD 2.5 million. In that instance, Myanma Insurance will act as an intermediary with the customer's preferred offshore insurance provider for the insured value, which exceeds USD 2.5 million. Myanma Insurance charges a fixed rate of 15% for its agency services.

Are there specific requirements on selling products through call centers, telemarketing or other distribution channels?

No specific regulations restrict this sales method in Myanmar.

Are there specific requirements on selling products through online channels?

No specific regulations restrict this sales method in Myanmar.

Can insurers share client information with insurance agents and brokers and vice versa? What data privacy or confidentiality laws apply?

There are no specific data privacy regulations in Myanmar at this point in time. As there is no concept of insurance brokerage in Myanmar, this question is not currently relevant.

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