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Chapter
V
Powers of Myanma Insurance |
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12. The powers
of Myanma Insurance are as follows :-
(a) effecting other suitable
investments in and outside the State, with the approval of the
Ministry ;
(b) Opening branches and
appointing agents in and outside the State, with the approval
of the Ministry;
(c) re-insurance in and
outside the State, the whole or part of its liabilities under
the insurance business
undertaken by it ;
(d) investing in securities,
debentures, shares and savings certificates;
(e) co-ordination with other
insurance companies in respect of the premium rates and policy
terms and
conditions;
(f) accepting foreign exchange
received as premium from insurance effected ;
(g) paying compensation
in foreign exchange for losses, as insurance is effected in
foreign exchange;
(h) determining the premium
rate, indemnity rate, compensation rate, addition premium rate
for reason
of perils, no claim bonus, ex-gratia payment, penalty, commission
rate, life assurance loan and
interest rate, life assurance surrender value and paid-up rate;
(i) actuarial valuation
of the life assurance business from time tot time; hiring actuary
required for such
valuation, with the permission of the Ministry;
(j) in an actuarial valuation
of the life assurance business, if it is found that profits
have accrued,
allocating such profits to the assured entitled thereto;
(k) permitting other companies
which have been granted the right to transact insurance business
under
section 4 of the State-owned Economic Enterprises Law to transact
any other class of insurance
business or more than one class of insurance business, with
the exception of Third Party Liability
Insurance and Re-insurance included in the insurance business
which are to be transacted solely by
it.
(l) utilising foreign exchange
in accordance with the existing laws, regulations and bye-laws
for re-
insurance premium, compensation to be paid, deposit, litigation
costs, cost of stamps, lawyer’s fees,
survey fees and other expenses directly concerned with the business,
which are required to be
settled in foreign exchange.
(m) laying down measures
required for the perpetual and up-to-date progress of insurance
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