Thailand-based Muang Thai Life Assurance Plc became the first Thai insurer to win a permit to set up a representative office in Myanmar, which boasts a large population and a booming economy.
Myanmar authorities granted the company a permit last month, making it the fifth foreign insurer to set foot in the country.
For the first time in more than 50 years, the state-owned Myanma Insurance and the Insurance Business Supervisory Board (IBSB) has given insurance companies conditional approval to start operating in the country.
Twelve companies met the criteria set by the IBSB and Myanma Insurance.
Before the military government nationalised many businesses in 1963, 70 local and foreign insurance companies had been operating in the country.