Thai insurer offers life to Burma

Muang Thai Life Assurance Plc has become the first Thai insurer to win a permit to set up a representative office in Burma, making it the fifth foreign insurance company in the country, Bangkok Post reported on Monday. For the first time in over 50 years, state-owned Myanma Insurance and the Insurance Business Supervisory Board have issued 12 insurers conditional approval to operate in Burma. Of the 12 approved companies, three plan to offer life insurance, which requires paid-up capital of 6 billion kyat (S$6 million). The rest planned to offer life and general insurance, which requires total capital of 46 billion kyat.