"Myanmar has injected new life into its laggard insurance industry with today’s (November 28) issuance of licenses to a handful of foreign companies, including UK Prudential, Japan’s Dai-ichi Life, Hong Kong’s AIA, US Chubb and Canadian Manulife. The Ministry of Finance authorized the widely anticipated but long delayed move to allow foreign insurers to operate in the local market as 100% wholly owned subsidiaries. It also provided for local-foreign joint ventures, with six life and non-life insurance licenses approved for Japan’s Mitsui Sumitomo Insurance, Taiyo Life and Nippon Life. The announcement marks a significant step towards financial sector liberalization, allowing foreigners access to one of the last largely untapped insurance markets in the world. The move follows on other market-opening measures granted to the education, retail and wholesale sectors under the current administration..."