Twelve local private insurance companies have been approved to operate in Burma, local media reported on Monday.
The companies include Apex Insurance International Company, IKBZ Insurance Public Company and Great Future International Insurance Company, the Messenger News reported.
The companies are expected to start operation after a six- month to one-year training period for the staff on the operation of a private insurance system.
Of the companies, three will offer life insurance. The companies will be required to have a paid-up capital of about US$ 7 million.
Nine companies will offer life and general insurance, which requires a total capital of about $53 million.
Six categories of insurance services out of 41 will be offered including life insurance, fire insurance, comprehensive motor insurance and cash safety insurance. More categories will be added in the future, officials said.