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Myanmar Insurance Business Law
CHAPTER V
Application for Business Licence and Granting Thereof
8. A company desirous of writing one or more of the following insurance classes shall apply for business licence to the Supervisory Board in accordance with the stipulations:
(a) Life Assurance;
(b) Fire Assurance;
(c) Comprehensive Motor Insurance;
(d) Cash-in-transit Insurance;
(e) Cash-in-safe Insurance;
(f) Fidelity Insurance;
(g) Classes of insurance permitted by the Ministry from time to time, by notification with the approval of the Government.
9. A company desirous of acting as an underwriting agent or assurance broker shall apply for the business license to the Supervisory Board in accordance with the stipulations.
10. The Supervisory Board may: –
(a) after scrutinizing in accordance with the stipulations, the application submitted under section 8 or section 9, grant or refuse the business licence;
(b) ask for and examine documents in scrutinizing the application for the business licence.
CHAPTER VI
Duties of an Insurer, Underwriting Agent or Insurance Broker
11. An insurer, underwriting agent or insurance broker shall; –
(a) abide by the provisions of this Law, rules, procedures, orders and directives made hereunder;
(b) abide by the relevant conditions of the business licence;
(c) not transfer his business licence;
(d) maintain account books and records which indicate clearly his performance and financial standing to enable systematic and easy auditing;
(e) audit annual statements yearly, according to the financial year;
(f) if the business licence is cancelled, maintain the assets owned to the amount equivalent to the liabilities thereof within Myanmar;
(g) not open any branch office of the insurance business without the permission of the Supervisory Board.
12. If an insurer or underwriting agent transacts life assurance business, he: –
(a) shall cause an actuary to calculate and determine life assurance premium rates;
(b) shall invest only the amount proposed by the actuary out of the fund of life assurance;
(c) shall cause an actuary to evaluate the life assurance business at least once in every 4 years and submit the report thereof to the Supervisory Board m accordance with the stipulations;
(d) shall re-evaluate with another actuary if directed by the Supervisory Board when the report submitted under subsection (c) is deemed unacceptable or is believed to be detrimental to the interests of the insured;
(e) if there is a surplus in the evaluation by the actuary may draw it out unless it is contrary to any existing law or any contract. However, such drawn-out shall not exceed one-fourth of the amount designated as profit for the insurance policy-holders;
(f) shall pay death claim only to the beneficiary in accordance with the conditions of the life assurance policy. If the beneficiary is a minor, it shall be paid to his natural parents or adoptive parents or lawful guardian;
(g) in the case where the beneficiary dies before the assured and the assured has not re-transferred the title of benefits, shall pay the death claim in the following order: –
(1) husband or wife;
(2) children;
(3) grandchildren;
(4) brothers and sisters;
(5) parents.
13. An insurer or underwriting agent shall; –
(a) submit programmes of reinsurance to the Supervisory Board;
(b) not revise without the permission of the Supervisory Board, surrender value of life assurance, paid-up value, loans and interest rates and commission rates which were approved by the Supervisory Board;
(c) collect only according to the premium rate which was approved by the Supervisory Board;
(d) carry out the arrangement of investment only with the approval of the Supervisory Board; (e) maintain supporting documents of assets of any insurance fund within the State and submit to the Supervisory Board on how they have been maintained. The maximum value of assets shall be as determined according to the type of insurance by the Supervisory Board;
(f) establish the main fund according to the type of relevant general insurance business. Such fund shall be utilised only for the liabilities and expenses relating to the relevant type of insurance business;
(g) if, the Supervisory Board directs to establish any other funds according to the relevant type of general insurance, in addition to the main fund mentioned m subsection (f), comply as so directed;
(h) in abolishing the insurance business first replenish the remaining fund, after payment of all the liabilities and expenses, into other diminishing insurance funds;
(i) have the right to draw a surplus amount of other insurance funds with the permission of the Supervisory Board;
(j) apportion his assets to all the policyholders if adjudicated an insolvent or if unable to meet his liabilities. The liability to pay the policyholders shall have priority over other insurance except the preferential payments mentioned in section 230 of the Myanmar Companies Act.
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