Minister Ochi Presented a Technical Assistance Plan for the Insurance Sector Development to the Ministry of Planning and Finance of Myanmar

1.  On June 7, Mr. Takao Ochi, State Minister for Financial Services, delivered a Comprehensive Map of Proactive Assistance (COMPASS) for the Future of Myanmar’ｓ Insurance Sector, a strategic implementation plan on Japan’s technical assistance, to Mr. Maung Maung Win, Deputy Minister for Planning and Finance of Myanmar. The COMPASS was jointly developed by Japanese stakeholders both in the public and private sectors*. (overview.).

2.  The objective of the COMPASS is to contribute to the sound development of the Myanmar insurance sector and enhance the win-win relationship between the two countries with respect to the insurance sector.

3.  The mutual trust in the insurance sector between the two countries dates back to the 1990s. This trust would be a firm foundation for the implementation of the COMPASS. The Japanese stakeholders, both of the government organisations and the entities in the private-sector, will coordinate and jointly provide technical assistance described in the COMPASS, in upgrading the institutional arrangements and market infrastructures, and building capacity in the insurance sector in Myanmar, while making sure that there is a mutual understanding and close coopeartion with the Myanmar side.

*Financial Services Agency,
 Japan International Cooperation Agency,
 General Insurance Association of Japan,
 General Insurance Rating Organization of Japan,
 Life Insurance Association of Japan,
 Foundation for the Advancement of Life & Insurance Around the world,
 Mitsui Sumitomo Insurance,
 Sompo Japan Nipponkoa Insurance,
 Tokio Marine & Nichido Fire Insurance,
 Dai-ichi Life Insurance,
 Taiyo Life Insurance,
 Nippon Life Insurance.