As of April 2019, the insurance sector is no longer closed to foreign companies [i.e. those with foreign shareholding above 35% as per the new Myanmar Companies Law of 2017, in force since August 2018]. In January 2019, the Ministry of Planning and Finance had announced its plans to liberalise the insurance market for foreign participation, under the following conditions: (a) foreign non-life insurance companies would be allowed to enter the market only via joint ventures with local life insurance companies; and (b) in the case of foreign life insurance companies, not more than 3 licenses would be granted to wholly-owned foreign life insurance companies. Other licences would only be allowed to enter the market via joint ventures with local life insurance companies. In April 2019, the MOPF started to implement its plan. It gave provisional licenses to foreign life insurance licenses and allowed six joint venture insurance companies to provide services in the country (three life insurance companies and three non-life insurance companies). As such, since 2019, foreign investors are subject to joint-venture requirements [foreign shareholding remains limited to up to 35%] only in respect to non-life insurance business, besides being bound by the limitation in the number of licenses (3 maximum) to be granted to wholly-owned foreign life insurers. For the purposes of the OECD FDIRRI, the latter is considered equivalent to a restriction on greenfield investments since it constraint prospective foreign investors to enter the market via the acquisition of other foreign insurers or via JVs and minority participation (up to 35%) in a local insurance company. 


"1. In practice of the prerrogative granted under the Insurance Business Law, Section 29, 'the Ministry of Planning and Finance, the Republic of the Union  of Myanmar may, with the approval of the Government, grant permission to a company which wishes to operate the business of insurance, underwriting agency or insurance broking with foreign investment'.
[...]
4. Therefore, the MoPF invites interest local and foreign insurers the Expression of Interest (EoI) and/or the Request for Proposal (RFP) in order to transact insurance business in Myanmar. The Financial Regulatory Department (FRD) will facilitate the clarifications and discussions on the EoI and/or RFP.
[...]
6. The following methods of licensing shall  be implemented in accord with the Myanmar Insurance Sector Liberalisation Roadmap:
(a) Life insurance companies:
- Option 1: Allowing not more than 3 licenses for foreign life insurers as 100% wholly owned subsidiaries.
- Option 2: Allowing foreign life insurers with a life/composite representative office in Myanmar to form joint ventures with local life insurers
(b) Non-life insurance companies:
- Allowing foreign non-life insurers with a non-life/composite representative office in Myanmar to form joint ventures with local non-life insurers.[...]" (Ministry of Planning and Finance of Myanmar, Announcement No. 1/2019 of 2 January 2019, Insurance Market Liberalization for Foreign Entities in Myanmar).
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"PART A – PROPOSAL CONDITIONS
1.0 INTRODUCTION
1.1 Authority [...]
1.1.2 This RFP is pursuant to the Invitation Letter for the Expression of Interest (“EOI”) to form Joint Ventures in order to carry out the Life Insurance Business in Myanmar (“the EOI Invitation Letter”) which was released on 18 January 2019 for local Myanmar life insurers interested to form JVs with foreign insurers. The EOI had set the motion for a RFP on JVs between local and foreign insurers for the non-life insurance sector. Successful EOI Applicants at the EOI stage have been invited to participate in this RFP.
1.1.3 Local composite insurers have been mandated to split their licenses by forming separate legal entities that cover the life insurance business. Following from the announcement made by the MoPF on 2 January 2019 under the Announcement No. 1/ 2019, all local insurers, including local composite insurers that have successfully split their operations into life and non-life insurance entities, can now enter into joint ventures with foreign insurers. The maximum permitted percentage shareholding for foreign insurers in each joint venture has now been set to a maximum of 35% [...]" (MINISTRY OF PLANNING AND FINANCE, REQUEST FOR PROPOSAL - LIFE INSURANCE BUSINESS IN MYANMAR TO BE OPERATED BY A JOINT VENTURE BETWEEN A MYANMAR INSURER AND A FOREIGN INSURER (“LIFE INSURANCE JV”), 17 May 2019)
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"PART I - COMMENCEMENT AND DEFINITIONS
Division 1 - Name, commencement and definitions 
1. Citation and commencement of this Law and definitions
(a) This Law shall be called the Myanmar Companies Law.
(b) This Law commences on the date of notification determined by the President of the Union.
(c) In this Law, unless the context otherwise implies: [...]
(xiv) “foreign company” means a company incorporated in the Union in which an overseas corporation or other foreign person (or combination of them) owns or controls, directly or indirectly, an ownership interest of more than thirty-five per cent; [...]" (Myanmar Companies Law (PyidaungsuHluttaw Law No.29, 6th December 2017))
Ministry of Planning and Finance of Myanmar, Announcement No. 1/2019 of 2 January 2019, Insurance Market Liberalization for Foreign Entities in Myanmar.
MINISTRY OF PLANNING AND FINANCE, REQUEST FOR PROPOSAL - LIFE INSURANCE BUSINESS IN MYANMAR TO BE OPERATED BY A JOINT VENTURE BETWEEN A MYANMAR INSURER AND A FOREIGN INSURER (“LIFE INSURANCE JV”), 17 May 2019
Myanmar Companies Law (PyidaungsuHluttaw Law No.29, 6th December 2017)
[<a href="https://www.mopfi.gov.mm/sites/default/files/upload_pdf/2019/01/Announcement%20E.pdf">Announcement</a>],[<a href="https://www.mopfi.gov.mm/sites/default/files/upload_pdf/2019/05/RFP%20Life%20Insurance%20JV.pdf">RFP</a>],[<a href="https://dica.gov.mm/sites/dica.gov.mm/files/document-files/final_mcl_english_version_6_dec_president_signed_version_cl_0.pdf">Law</a>],[<a href=" https://uk.practicallaw.thomsonreuters.com/w-018-8356?transitionType=Default&contextData=(sc.Default)&firstPage=true#co_anchor_a992988">Other</a>]