Tilleke & Gibbins’ insurance specialists in Yangon have contributed the Myanmar overview to the Insurance and Reinsurance Global Guide, published by Thomson Reuters Practical Law. The guide is a Q&A-style overview of insurance and reinsurance law, with entries from legal experts in 47 jurisdictions worldwide. Tilleke & Gibbins’ Myanmar contribution provides a comprehensive look at the market for insurance and reinsurance in the country, and it covers the following topics: Market trends Regulatory framework Authorization – Laws and bodies, insurance intermediaries, exemptions and foreign insurers, fronting, legal forms, restrictions and insurance activities Ownership restrictions Ongoing requirements Penalties for noncompliance Sales and marketing Transfer of risk Reinsurance contracts and risk Contracts and policies – Content requirements and common clauses, implied terms, customer protections, standard policies or terms Claims – Establishing a claim, time limits, subrogation, third-party claims, insurance of punitive damages, remedies for breach of policy Dispute resolution Insolvency Tax Insurtech The Q&A closes with a brief update on the new draft Insurance Business Law to reform the Myanmar insurance market. Practical Law brings together guides to key legal practice areas around the world for business lawyers. Tilleke & Gibbins contributes many overviews on various legal practice areas for all of the firm’s jurisdictions in Southeast Asia. To read the full Myanmar overview, please visit the Practical Law website.

Tilleke & Gibbins’ insurance specialists in Cambodia, Laos, Myanmar, Thailand, and Vietnam have contributed to the Subrogated Recoveries – Asia Pacific guide produced by RPC Premier Law Firm. The guide addresses how insurers can recover indemnifiable losses. For each jurisdiction in the Asia Pacific region, the guide addresses the following topics: Local legal framework on subrogation; Insurers’ right to subrogate; Investigations prior to subrogated proceedings; Limitation period for subrogated action; Responsibility for costs in subrogated action; Enforcement of judgements for insurers; and Subrogated actions against co-insured parties. The Subrogated Recoveries – Asia Pacific guide is available below.

On June 2, 2022, Thailand’s Office of Insurance Commission (OIC) issued Notification No. 6 Re: Investments in Other Business Operations for both life and non-life insurance companies. The two notifications, which took effect upon issuance, strengthen the OIC’s supervision of investments by insurance companies, with a focus on basic infrastructure relevant to the promotion of business competition and sustainability, and also allow and regulate additional investment types. Internal Governance of Investment Activities An insurance company’s board of directors is required to appoint a credit committee when engaging in credit activities. These activities include providing loans (excluding personal loans to employees or loans made under a guarantee by its insurance policies), car leasing services, avals for bills of exchange, and letters of guarantee for project performance. The credit committee has the following duties: Preparing the credit policy framework for the credit activities described above for further board approval; Supervising the credit activities; Overseeing good corporate governance, transparency, and prevention of conflict of interest in relation to credit activities; Ensuring that the work system, manpower, and data in relation to credit activities are sufficient; and Regularly reporting to the board of directors regarding credit activities. Credit policies must at least cover: Procedures and conditions for credit transactions. These include risk management, internal controls, data storage, and written reporting requirements. The procedures and conditions must comply with the relevant OIC regulations and the Bank of Thailand’s minimum standards for financial institutions. Persons responsible for operations relating to credit work, risk management for credit transactions, and verification of credit transactions. These roles include (1) the credit analyst, (2) the person who approves appropriate credit transactions, (3) the verifier of work accuracy after a credit transaction is approved, (4) the person in charge of reporting credit transaction risks, and (5) the person responsible for