Micro-Insurance business law for low-income people in Myanmar was drafted

Promoting micro-insurance for low-income people in Myanmar workshop was held at Chatrium Hotel, Yangon on 9 September. The program was jointly supported by USAID and UKaid through DaNa Facility.

Thant Zin, Director of Financial Regulatory Department at the Ministry of Planning and Finance said “currently, our department is drafting two laws, one is microfinance business law and another is micro-insurance business law. After the laws, we can enact rules and regulations as well as procedures for micro-insurance.”

Both laws are expected to be enacted in 2020.

Micro-insurance service is a combination of general insurance and life insurance.
The micro-insurance services include health insurance, life insurance, funeral insurance, insurance for agriculture and livestock, property insurance, credit life insurance, insurance for disaster victims and insurance for disable people from accident.

Sources: mitv, elevenmyanmar