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GOVERNMENT OF THE UNION OF MYANMAR
MINISTRY OF MINISTRY OF FINANCE AND REVENUE

THE INSURANCE BUSINESS RULES

 

Government of the Union of Myanmar
Ministry of Finance and Revenue

Notification No.( 116 / 97 )
Yangon, the 6th Waning Day of Nayone, 1359 ME
( 26th June, 1997 )

In exercise of the power conferred under sub-section (a) of section 38 of the Insurance Business law. the Ministry of Finance and Revenue, Government of the Union of Myanmar, issues the following rules with the approval of the Government.

Chapter I
Title and Definition

1. These rules shall be called the Insurance Business Rules.

2. The expressions contained in these rules shall have the same meanings as defined in the Insurance Business Law. Moreover, the following expressions shall have the meanings given hereunder : -

(a) Law means the Insurance Business Law;

(b) General Insurance means classes of insurance other than Life Assurance as mentioned under section 8 of the Law ;

(c) Business Licence means a licence granted under these rules to transact an insurance, underwriting agency or broking business;

(d) Form means the form annexed to these rules.

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Chapter II
Formation of the Insurance Business Supervisory Board

3. (a) The Ministry shall pursuant to the provision of section 4 of the Law, form the Insurance Business Supervisory Board;

(b) The Ministry may reconstitute the Supervisory Board, if necessary.

4. The Supervisory Board shall from time to time submit a report of its performance to the Ministry.

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Chapter III
Convening of the meeting of the Insurance Business Supervisory Board

5. (a) An ordinary meeting of the Supervisory Board shall be held once in every month. A special meeting may be held, if necessary;

(b) Attendance of more than half of the Supervisory Board members forms a quorum:

(c) The Chairman of the Supervisory Board shall preside at the meeting. If the Chairman is absent. the person delegated by the majority of the members present shall preside thereat;

(d) If any matter is to be resolved at the meeting the decision shall be made with the consent of the majority of the members present, by open or secret voting.

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Chapter IV
Duties and Powers of the Supervisory Board

6. An insurer or underwriting agent shall raise kyats 30 million for life assurance and kyats 200 million for general insurance as the paid-up capital.

7. The Supervisory Board shall: -

(a) direct an insurer or underwriting agent to open an account at the Myanma Economic Bank with a deposit equal to 10% of the paid-up capital.

(b) direct an insurer or underwriting agent to purchase in their joint names Government Treasury Bonds worth 30% of the paid-up capital.

8. The Supervisory Board may, with the approval of the Ministry amend the stipulations contained in rules 6 and 7.

9. The Supervisory Board may: -

(a) with the approval of the Ministry, encash and expend the Government Treasury Bonds purchased in pursuance of sub-rule (b) of rule 7:

(b) permit an insurer or underwriting agent to withdraw and expend the remainder of the paid-up capital after the purchase of the Government Treasury Bonds pursuant to sub-rule (b) of rule 7, for the purpose of the insurance business.

l0. The Supervisory Board shall: -

(a) in evaluating assets and liabilities of an insurer or underwriting agent, formulate norms and criteria as recommended by an actuary or qualified accountant;

(b) scrutinize and approve the programme of investment submitted in accordance with the type of insurance by an insurer or underwriting agent.

11. The Supervisory Board: -

(a) shall determine 10% of the net life assurance premium generated in the closed underwriting year immediately preceding the current year as the net worth of a life assurance business;

(b) shall determine the maximum amount of the following to be the net worth of a general insurance business: -

(1) kyats 20 million;

(2) 50% of the net premium income generated in the closed underwriting year immediately preceding the current year;

(3) 50% of the claim reserve provided for the closed underwriting year immediately preceding the current year;

(c) may, with the approval of the Ministry amend the stipulations contained in sub-rules (a) and (b)

l2. The Supervisory Board : -

(a) shall direct an insurer or underwriting agent to establish a life assurance fund and open an account therewith at the Myanma Economic Bank;

(b) shall direct an insurer or underwriting agent to establish a Life Assurance Policyholders Protection Fund for the purpose of protecting the life assurance policyholders if necessary and to open-an account therewith at the Myanma Economic Bank;

(c) may allow, for the following purposes, a reasonable sum to be withdrawn and expended out of the Life Assurance Policyholders Protection Fund established in accordance with sub-rule (b): -

(1) supplementing payment towards claims which cannot be fully paid owing to insufficiency of the life assurance fund;

(2) deficiency in the premium when life assurance policies are handed over to another insurer or underwriting agent owing to the termination or abolition of the life assurance business;

(3) defraying the expenses incurred in connection with clauses (1) and (2) of sub-rule (c):

(d) shall direct an insurer or underwriting agent to establish a main general insurance fund and open an account therewith at the Myanma Economic Bank.

13. The Supervisory Board shall direct an insurance broker to effect professional indemnity insurance in kyats or in foreign exchange in the value as determined by the Ministry from time to time.

14. The Supervisory Board : -

(a) shall direct the insurer, underwriting agent or broker concerned, to terminate the employment of the principal officer of the relevant insurance business, who is convicted of one of the offences prescribed from time to time by the Ministry;

(b) may return the balance together with the interest accrued on the deposit. after leaving an amount sufficient to meet the liabilities in respect of the insurance business, where an insurer or underwriting agent discontinues its operations or its business licence is revoked.

(c) may grant a business licence to a company doing business with foreign investment which applies to operate the business of an insurer, underwriting agency or insurance broker after due scrutiny in accordance with the existing laws;

(d) may permit an insurer, underwriting agent or insurance broker who bolds a business licence to establish a representative branch office;

(e) shall direct the insurer or underwriting agent to effect reinsurance;

(f) may, with the approval of the Ministry, establish insurance institutes, communicate with international insurance organizations and carry out educative and organizational activities, in order that the technology and business of insurance may thrive and be outstanding;

(g) shall submit the report of its performance to the Ministry within 4 months after the end of the fiscal year.

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Chapter V
Application for business Licence and Granting Thereof

15. Any person desirous of transacting insurance business, underwriting agency business or insurance broking business shall have a company incorporated and registered in accordance with the Myanmar Companies Act or the Special Companies Act 1950.

16. An insurer, underwriting agent or insurance broker shall apply to the Supervisory Board for a business licence by filling in complete and correct particulars in the application Form ( ah-ma-kha 1), together with necessary supporting documents.

l7. The Supervisory Board : -

(a) shall scrutinize whether the particulars presented in the business licence application form and documents submitted are complete and correct;

(b) may interview the applicant, if necessary in connection with the particulars contained in the application;

(c) shall decide whether the relevant business licence is to be granted or not and shall notify the applicant in writing in accordance with the decision.

l8. An insurer or underwriting agent who applies for a business licence shall, within 30 days after receipt of intimation of being granted a licence, pay the following as directed by the Supervisory Board : -

(a) the paid-up capital stipulated under rule 6;

(b) the deposit stipulated in sub-rule (a) of rule 7;

(c) licence fee.

l9. The insurance broker who applied for a business licence shall on receipt of intimation of being granted a licence, pay licence fee as directed by the Supervisory Board.

20. A company doing business with foreign investment shall on receipt of intimation of being granted a licence for an insurance business, underwriting agency business or insurance broking business pay the paid-up capital, deposit and licence fee as stipulated and directed by the Supervisory Board.

21, The Supervisory Board shall grant the relevant business licence in Form (ah-ma-kha 2) within 15 days on submission by the insurer, underwriting agent or insurance broker, of supporting documents of evidence that the paid-up capital. deposit and licence fee have been paid.

22. Business licence fees and annual fees are kyats l5,000 and 5,000 respectively.

23. The insurer, underwriting agent or insurance broker who holds a business licence shall : -

(a) pay, as directed by the Supervisory Board, the annual fee whenever the tenure of one year from the day on which the business licence was granted is completed;

(b) pay a late fee of kyats 3,000 after the completion of the tenure of one year, if default is made in complying with the requirements of sub-rule (a).

24. In the calculation of the late fee, the fraction of a year shall be deemed as a year.

25. Where a duplicate business licence is applied for, due to loss or destruction of the original, the Supervisory Board shall scrutinize and issue the licence in Form (ah-ma-kha 2) duly stamped as duplicate, after charging the applicant a fine of kyats 10,000.

26. A company doing business with foreign investment shall, in respect of the licence for the insurance business, underwriting agency business or insurance broking business, pay the annual fee, late fee and fine as stipulated and directed by the Supervisory Board.

27. (a) The Supervisory Board shall stipulate in the business licence terms and conditions to be complied with by the insurer, underwriting agent or insurance broker who holds a business licence;

(b) An insurer, underwriting agent or insurance broker who holds a business licence shall comply with the terms and conditions so stipulated.

28. The Supervisory Board shall publish in the Myanmar Gazette granting or cancellation of a business licence on a case by case basis.

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Chapter VI
Duties of an Insurer, Underwriting Agent or Insurance Broker

29 An insurer, underwriting agent or insurance broker; -

(a) shall compile and submit to the Supervisory Board, form, proposal, policy, premium rates and related papers to be used thereby;

(b) shall use the form, proposal, policy, premium rates and related papers approved by the Supervisory Board;

(c) shall alter the form, proposal, policy, premium rates and related papers approved under sub-rule (b) only with the permission of the Supervisory Board.

30. An insurer, underwriting agent or insurance broker shall : -

(a) maintain policy registers in accordance with the class of insurance;

(b) maintain records of liabilities to policyholders;

(c) furnish information of share relating to one of the shareholders. when required by the Supervisory Board;

(d) reply to inquiries pertaining to a policy, by a person having legal right to know the facts thereof;

(e) appoint whoever fulfils the qualifications stipulated by the Supervisory Board as the principal officer of an insurance business. underwriting agency business or insurance broking business,

(f) maintain, policy registers, case files, account books and the insurance fund in accordance with the stipulation notwithstanding the suspension of procuration of new insurance business.

31. An insurer or underwriting agent shall: -

(a) as regards the report of the actuarial valuation carried out in accordance with sub-section (d) of section 12 of the Law, cause re-valuation with another actuary to be conducted, as directed by the Supervisory Board;

(b) bear the expenses to be incurred pursuant to sub-rule (a);

(c) transact the life assurance business in accordance with the suggestions and recommendations contained in the actuarial valuation report;

(d) keep the information and facts of a life assured confidential;

(e) make provision to have assets sufficient to meet its liabilities.

32. An insurer or underwriting agent shall :

(a) maintain all life assurance premium separately:

(b) bear general administrative expenses proportionally out of the life assurance income in addition to the life assurance expenses;

(c) establish the life assurance fund with the surplus of the income.

33. An insurer or underwriting agent shall : -

(a) carry out the programme and operations of investment approved by the Supervisory Board in accordance with the class of insurance;

(b) keep the assets of an insurance fund separately from other assets;

(c) submit within 14 days supporting documents of assets when required by the Supervisory Board.

(d) compile and submit to the Supervisory Board facts and figures relating to insurance business;

(e) submit to the Supervisory Board within 4 months after the end of the relevant underwriting year, the audited final and other accounts compiled in Form (ah-ma-kha 3) together with the report of its performance.

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Chapter VII
Audit

34. (a) The Supervisory Board may, in consultation with the Auditor-General, lay down the methodology to be followed in an audit;

(b) The auditor concerned shall follow the methodology so laid down.

35. The Supervisory Board: -

(a) may prohibit the auditor who tails to follow the methodology so laid down from continuing the audit;

(b) may direct another auditor to conduct the audit where the original auditor was prohibited form further audit pursuant to sub-rule (a).

36. Expenses incurred in respect of an extended audit, reaudit or investigation undertaken in accordance with the direction of the Supervisory Board shall be defrayed by the enterprise concerned.

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Chapter VIII
Winding up

37. (a) Where the Supervisory Board pursuant to section l7 of the Law, revokes the licence of the insurance business, underwriting agency business or insurance broking business, a liquidator shall be assigned to obtain the sanction of the Court for winding up the company couce¯ed, in accordance with the provisions of the Myanmar Companies Act;

(b) The liquidator shall apply to the Court having jurisdiction, to make a winding up order in respect of the relevant company.

38. The The Court having jurisdiction shall: -

(a) as regards the application submitted under sub-rule (b) of rule 37, pass a winding up order. without having regard to any objection whatsoever;

(b) after passing the order, proceed in accordance with the provisions of the Myanmar Companies Act.

39. The Liquidator

(a) in winding up the relevant company, is entitled to dispose of and expend the assets and the deposit thereof only to meet the liabilities of the company and winding up expenses;

(b) shall submit to the Supervisory Board, programme and report of the winding up as stipulated.

40. An insurer or underwriting agent shall replenish its assets, in accordance with the order of the Court, in order to meet its liabilities fully.

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Chapter IX
Investigation and taking action

41. The Supervisory Board: -

(a) may appoint an enquiry commission with 3 members of the Supervisory Board or with one members thereof and 2 outside technicians to investigate as to whether or not an insurer, underwriting agent or insurance broker complies with the provisions of the law and these rules,notwithstanding anything contained in the Myanmar Companies Act;

(b) shall determine duties, powers and tenure of an enquiry commission appointed under sub-rule (a);

(c) may, if necessary, appoint, from time to time more than one commission or on a case by case basis.

42. The enquiry commission: -

(a) shall follow the procedure laid down by the Supervisory Board from time to time for investigation;

(b) shall have right of access to: -

(1) books of account and records;

(2) office premises of an insurer, under-writing agent or insurance broker;

(c) may investigation those persons having business relations with the insure underwriting agent or insurance broker and require them to produce the required supporting documents and records for inspection ; -

(d) may subject anyone suspected of transacting an insurance business, underwriting agency business or insurance broking business without a business licence, to interrogation and to production of supporting documents and records for inspection;

(e) shall submit to the Supervisory Board report of its findings signed by all members together with its remarks.

43. The Supervisory Board may: -

(a) after scrutinizing the report submitted by an enquiry commission, revoke the relevant business licence if it is found that any provision contained m section 17 of the Law has been infringed.

(b) pass an administrative order under section 22 of the Law, if it is found that any provision contained in section 21 of the Law has been infringed.

44. The Supervisory Board may, with the approval of the Ministry determine the fine to be imposed under an administrative action.

45. (a) An insurer, underwriting agent or insurance broker whose business licence was temporarily suspended for a period of time shall apply to the Supervisory Board for revalidation of its licence on the expiry of the period;

(b) The Supervisory Board shall, after scrutinizing the application submitted under sub-rule (a), revalidate the licence on payment of a fine of kyats 10,000, if it conforms to the stipulations.

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Chapter X
Appeal

46. Any person dissatisfied with an order passed under sections 17 or 22 of the Law by the Supervisory Board, may appeal to the Ministry within 30 days from the date of passing such order.

47. The Ministry: -

(a) may permit the appellant or the legal representative to submit the plea in writing; (b) may require the Supervisory Board to forward its remarks, if necessary; (c) may confirm, set aside or revise the order of the Supervisory Board; (d) shall intimate in writing to the appellant the decision so made.

48. The decision of the Ministry shall he final and conclusive.

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Chapter XI
Miscellaneous

49. An insurer or underwriting agent is entitled to the interest derived from the following:-

(a) the paid-up capital: (b) the deposit.

50. An insurance contract entered into with a party having no insurable interest shall be deemed void.

51. An insurer, underwriting agent or insurance broker who holds a business licence shall cooperate with the Supervisory Board for the progress and dissemination of the technology and business of insurance.

(Sd) Brig. Gen.Win Tin

Minister

Ministry of Finance & Revenue

 

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Form of application for business license [Rule 16]

The Chairman

Insurance Business Supervisory Board

Yangon

Date : ................................................

RE: Application for licence to operate as an insurer / underwriting agent / insurance broker.

We hereby apply for business licence to establish an insurance company ( underwriting agency / insurance broking company in pursuance with the Insurance Business Law

1. Name of company  
2. Type of company  
3. Company Registration No.  
4. Date of establishment  
5. Contact Address  
6. Phone, fax, PO Box  
7. Place of operation  
8. Type of business licence  
9. If application is for licence to operate as and insurer, type (s) of insurance applied (a)
(b)
10. Experience in insurance business  
11. Applicant’s  
(a) authorized capital (In figure) Kyats
(In words) Kyats
(b) paid-up capital (In figure) Kyats
(In words) Kyats
12. Fund of company deposited at   Name of Bank Account No.
  (a)    
  (b)    
  (c)    
13. Information relating to principal officer of the company
(a) Name  
(b) Father’s name  
(c) NRC / FRC No.  
(d) Educational qualifications  
(e) Age ( Date of birth )  
(f) Experience in insurance business  
(g) Name and address of insurance organization(s) where he/she was employed  
(h) Rank in the above organization  
l 4. If the applicant is a company incorporated abroad -
(a) Name of company  
(b) Date of establishment  
(c) Address  
(d)Authorized capital  
(e) Paid-up capital  
(f) Previous year’s premium income ( Total )  
(g) Previous year’s premium income ( Net )  

Signature an behalf of the applicant

Name ..........................................................................

NRC/FRC No. ..........................................................................

Rank ..........................................................................

15. Documents attached -

(a) Memorandum and applicant of association

(b) Certificate of registration of company incorporation pursuant in Myanmar Companies Act or Special Companies Act (1950).

Note - necessary delete necessary.


THE GOVERNMENT OF THE UNION OF MYANMAR MINISTRY OF FINANCE AND REVENUE

INSURANCE BUSINESS SUPERVISORY BOARD

INSURANCE BUSINESS LICENCE

LICENCE No. ...............................................

Date :

1. In pursuance of sub-section (a) of section 38 of the Insurance Business Law, this licence is granted to the undermentioned company company the day of 19 at Yangon.

(a) Name of company  
(b) Registration no of company (c) Address  
(d) Type of business permitted  
(e) Class or classes of insurance permitted 1.
  2.
  3.
(f) Place or places where the business is permitted to be transacted.  

2. We licensee shall comply with the conditions stated overleaf .

Chairman

CONDITIONS

1. The operations shall be commenced within 12 months from the date on which the business licence was granted.

2. The business licence shall in no way be transferred to another person.

3. No class of insurance shall be written other than those permitted.

4. Where operations are discontinued, the business licence shall be returned to the Supervisory Board.

5. Annual fees for the business licence shall be paid.

6. The licensee shall comply with the orders and directives issued from time to time either by the Ministry of Finance and Revenue or the Supervisory Board.

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Insurance Company Account

STATEMENT (A)

REVENUE ACCOUNTS OF LIFE ASSURANCE FOR THE PERIOD ENDING..................

Amount of Life Assurance Fund at the beginning of the year

Premiums Gross Less Reinsurance Premiums

Consideration for annuities granted ( see Note l )

Internets dividends and rent Less Income-tax thereon

Other receipts (accounts to be specified)

- Gross investment income less investment expenses

- Gain on sale of fixed assets

- Transfers from reserves

- Transfers from other Insurance Funds

- Transfers from Head Office/ Shareholders Fund

Kyat

Kyat Dividends payable on 19 for the year ending 19 ( This is only to be stated here by companies not supplying a Profit and loss Account.)

Claims under policies paid and outstanding

- By death

- By maturity

- By others

Surrenders. including surrenders of bonus additions.

- Annuities

- Bonuses in cash

- Bonuses on reduction of premiums

Expenses of management:

- Commission

- Other expenses (to be specified)

- Other expenses of management

- Other payment etc (to be specified)

- Provision for taxation

- Transfers to reserves

- Transfer to other insurance funds

- Others (to be specified)

Amount of Life Assurance Fund at the end of the year, as per balance sheet

Kyat

Kyat

NOTE: (1) Companies having a separate annuity fund with investments separate from those of the life as insurance fund to return the particulars of their annuity business in a separate statement . in Statement (B) of this Schedule.

(2) Items in this account to be net amounts after deduction of expense and recoveries for reinsurance-

(3) If any sum has been deducted from the expense of management account to be treated as an asset in the balance sheet , it should be separately shown in the above account.

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STATEMENT (B)

REVENUE ACCOUNT APPLICABLE TO ANNUITY BUSINESS OF THOSE COMPANIES HAVING

A SEPARATE ANNUITY FUND, THE INVESTMENTS OF WHICH ARE KEPT SEPARATE FROM

THOSE OF THE LIFE ASSURANCE FUND

Amount of annuity fund at the

beginning of the year

Consideration for annuities granted

interests, dividends and rent

Less income-tax thereon

Other receipts

Kyat

Kyat Annuities

Surrenders

Expenses of management :

- Commission

- Other expenses (to be specified)

- Other expenses of management (to be specified)

- Other payments (to be specified)

Amount of annuity fund at the end of the year as per balance-sheet.

Kyat

Kyat

Note: - Items in this account to be net amounts after deduction of expenses and recoveries for reinsurance.

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STATEMENT (C)

REVENUE ACCOUNT APPLICABLE TO GENERAL INSURANCE BUSINESS,

Amount of Fund at the beginning of the year (To be specified according to class of insurance).

Premiums (accounts to be specified)

Interests dividends and rent

Less income- tax thereon

Profits (accounts to be specified)

Other receipts (to be specified)

Kyat

Kyat Claims (accounts to be specified)

Expenses of management: -

- Commission

- Other expenses(to be specified)

- Other expenses of management (to be specified)

- Other payments(to be specified)

Amount of funds at the end of the year as per balance-sheet.

Kyat

Kyat

Note:- Items in this account to be net amounts after deduction of expenses and recoveries for reinsurance.

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STATEMENT (D)

PROFIT AND LOSS ACCOUNT FOR THE ACCOUNTING PERIOD ENDING ...................

Balance of last year’s account

Interest and dividends not

carried to other accounts

Less income-tax thereon

Profit realized (accounts to be specified)

Other receipts (accounts to be specified)

Kyat

Kyat Dividends and bonuses to share-holders

payable on: - 19 ........

for the year ending 19........

Expenses not charged to other accounts

Loss realized (accounts to be specified)

Other payments (accounts to be specified)

Balance as per balance sheet

Kyat

Kyat

Note: This profit and loss account is to be used for both life and general insurance business. Items regarding life assurance are to be left out if general insurance only is transacted.

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STATEMENT (E)

BALANCE-SHEET AS AT........................

LIABILITIES

Life assurance fund Outstanding liabilities of life assurance fund

Annuity fund (if any) as per separate balance-sheet

Outstanding liabilities of annuity fund

Shareholder’s capital paid up (if any)

Profit and Loss account (if any)

Funds contained in General Revenue Account (if any)

Other sums owing by the Company (Accounts to be specified and stated separately under each class of business )

Kyat

Kyat

ASSETS

Assets of life assurance fund as per separate balance-sheet (if any)

Assets of annuity fund as per separate balance-sheet (if any)

Assets of funds other than those shown in the above mentioned balance-sheets.

Mortgages on property. Loans (to be specified)

Agents’ balances

Outstanding premiums

Outstanding interest, dividends and rents Interest accrued but not payable

Bill receivable

Cash-

-On deposit

-In hand and on current account Other assets (to be specified)

Kyat

Kyat

NOTE: (1) This balance sheet is to be used for both life an general insurance businesses. Item regarding life assurance are to be Left out if general insurance only is transacted.

(2) Assets legally transferred to the Life Assurance Policyholders Protection Fund shall be mentioned separately.

(3) Companies having investments with any uncalled liabilities shall state separately the full amount thereof.

(4) Particulars must be given of all loans, including temporary advances. except loans on policies within their surrender values, made at any time during the year to any director or officer of a company or to any other company in which any of the said directors or officer may hold the position either f director or of officer.

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STATEMENT (F)

BALANCE-SHEET OF THE LIFE ASSURANCE FUND AS AT.......................

LIABILITIES

Life assurance fund

Claims admitted or intimated but not paid

Other sums owing by the company (under this class of business).

Kyat

Kyat

ASSETS

Mortgages on property Loans (to be specified)

Investments (to be specified)

Agents’ balances

Outstanding premiums

Outstanding interests, dividends and rents

Interest accrued but notpayable

Bills receivable

Cash-

- On deposit

- In hand and on current account

Other assets (to be specified)

Kyat

Kyat

Note: (1) Assets legally transferred to the Life Assurance Policyholders Protection Fund shall be mentioned separately.

(2) A balance-sheet in the above form must be rendered in respect of the annuity fund if the investments of that fund are distinct form those of the life assurance fund.

(3) A certificate must be appended hereto, signed by the same persons as signed the balance-sheet (Form A), and by the auditor, to the effect that no part of any such fund has been applied, directly or indirectly, for any purpose other than the class of business to which it is applicable.

(4) Companies having investments with any uncalled liability shall state separately the full amount thereof.

(5) Particulars must be given of all loans, including temporary advances, except loans on policies within their surrender values, made at any time during the year to any director or officer of a company or to any other company in with any of the said director or officers may hold the position either of director or officer.

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