For non-life insurance, the ministry has allowed AYA Myanmar General Insurance Company and Sompo Japan Nipponkoa Insurance, Grand Guardian General Insurance Company and Tokio Marine, Nichido Fire Insurance and IKBZ Insurance Company as well as Mitsui Sumitomo Insurance Company to form joint ventures. For life insurance, joint ventures have been allowed between Capital Life Insurance and Taiyo Life Insurance Company, Citizen Business Insurance and Thai Life Insurance, and Grand Guardian Life Insurance Company and Nippon Life Insurance. AYA Myanmar Insurance managing director U Myo Min Thu told The Myanmar Times that the statement from the ministry “is good news to us as insurance is an important segment of the financial services industry”. He pointed out that the liberalisation of the insurance industry will not only create job opportunities but also investment opportunities that would lead to economic growth. U Myo Min Thu said the company for now will focus on life … [Read more...] about Government allows six JVs among local and foreign insurers
Seniors house and contents insurance
Space insurance costs to rocket after satellite crash
LONDON/FRANKFURT: Space rockets and satellites are likely to cost more to insure after the European Vega rocket crash this month, which hit insurers with a record space market loss of 369 million euros (US$411.21 million), insurance industry sources say.The Vega rocket carrying a military observation satellite for the United Arab Emirates veered off course shortly after take-off and crashed.Prior to the accident, Italian aerospace company Avio Aero , which built the Vega, said it had a 100per cent success rate.The insurance loss for the rocket and satellite represents the largest recorded loss in the space market, satellite analysis firm Seradata said.Until now, insurance premiums for commercial satellite and rocket accidents have been falling due to strong competition among insurers and improved rocket reliability.But that could change in the aftermath of the Vega crash, leading to higher costs for space rocket launches."Space insurers have suffered two major claims within the past … [Read more...] about Space insurance costs to rocket after satellite crash
Bill for workers’ housing and amenities passed
KUALA LUMPUR: The Workers’ Minimum Standard of Housing and Amenities (Amendment) Bill 2019 which aims to expand the minimum standard of housing and provision of basic facilities for workers in all sectors was passed in Parliament today. Human Resource Minister M. Kulasegaran, when tabling the bill for the second reading, said amendments to the Minimum Workers’ Standard and Housing Facilities Act 1990 were to ensure workers in all sectors of employment enjoy better housing and accommodation, basic amenities as well as better health and safety standards. He said the existing law only applied to employers in the plantation and mining sectors that provide housing facilities to their workers. He said the amendment was also made to fulfil the promises of the Pakatan Harapan government to protect the rights of workers and ensure there were in tandem with international standards. “The Pakatan Harapan government promises to enhance the standard of workers and ensure … [Read more...] about Bill for workers’ housing and amenities passed
Kluang family shaken after elephants damage house and car
KLUANG: Loud noises and a sound like zinc being trampled woke Afian Kamin, 36, of Kampung Sri Timur from his slumber early this morning, prompting him to investigate and discover two elephants in front of his house. “I felt shock and terror when I saw the two elephants right in front of the house. I watched helplessly as they trashed the garage. By this time, my wife, mother-in-law and two children had also woken up,” he said about the 1am incident. With a foreboding feeling in their hearts, they began to pray for their own safety, he said, and after about an-hour-and-a-half, the elephants left. The roof of his Proton Saga FLX was flattened when the garage was destroyed, and the banana trees, coconut and oil palms didn’t survive either. “In the 12 years I’ve lived here, this is the first time elephants have attacked our home. “Us villagers are now worried because the elephants have become bold and are now crossing into the village. Before this it was … [Read more...] about Kluang family shaken after elephants damage house and car
Senate committee calls for Beyak to be suspended over racist content on website
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By Marco Vigliotti iPolitics Tues., April 30, 2019 Sen. Lynn Beyak should be suspended for the remainder of the current Parliament because of her refusal to remove racist content from her official website, a Senate committee has determined. The Senate ethics committee on Tuesday released its report on Beyak’s conduct, weeks after the Upper Chamber’s ethics officer ruled that she broke the senators’ code by posting five letters on her Senate site that contained racist sentiments. Beyak, who once suggested Indigenous Canadians should give up their status cards and become Canadian citizens, has refused to remove the letters, which were published on her website after she sought public support for her controversial remarks suggesting “some good” came from the notorious residential school system. She was also removed from the Conservative Senate caucus because of her refusal to delete the letters. As a result of the ruling, the … [Read more...] about Senate committee calls for Beyak to be suspended over racist content on website