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Thailand, Myanmar Regulators Sign Memorandum of Understanding to Strengthen Cooperation

BANGKOK, Feb 07, 2018, (A. M. Best via COMTEX) --

Thailand’s Office of Insurance Commission has signed a memorandum of understanding with Myanmar’s Ministry of Planning and Finance to enhance cooperation between the two regulators.

The memorandum seeks to promote the development of Myanmar’s insurance sector through information exchange and technical capacity building, which includes transfer of knowledge and experience of the OIC to the staff of Myanmar regulator, the OIC said in a statement. The Thai regulator said the MOU will help prepare Myanmar for its planned market liberalization “anytime soon.”

“This will give Thai insurance companies opportunities for investment in Myanmar in the near future,” the OIC said.

The OIC has been encouraging local companies to explore expansion opportunities in adjacent markets of Cambodia, Laos, Myanmar and Vietnam, noting CLMV markets have high economic growth rate and are a natural fit for Thai insurers (Best’s News Service, March 27, 2013).

“Geographically, we are looking into the feasibility of providing assistance to the CLMV countries where we have long border and numerous trading points, to develop their insurance industries to serve the general public and encourage cross-border business development, especially in the form of exclusive partnerships,” the OIC said.

(By Ernesto Calucag, Hong Kong news editor: Ernesto.Calucag@ambest.com)

Ernesto Calucag

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