Myanmar has introduced cross-border motor vehicle insurance for vehicles in the Association of Southeast Asian Nations (ASEAN) countries, the official television channel MRTV reported on Thursday.
The ceremony of the cross-border motor vehicle insurance launch through the ASEAN Compulsory Motor Insurance System (ACMI) took place at the Myanma Insurance in Yangon on January 13.
U Lwin Oo, general manager of Myanma Insurance, said branches such as Myawaddy, Tachileik, Muse, and Tamu had been established at border gates to accept vehicles entering Myanmar under the ACMI system.
The ACMI system facilitates the acceptance of insurance for transport vehicles from ASEAN countries through a digital platform.
ASEAN vehicles entering Myanmar would pay premiums online, he said. Premium payments for the vehicles would be made in Myanmar kyats in accordance with Myanma Insurance rules.
In the event of accidents in Myanmar, Myanma Insurance will provide coverage, he said.
According to the manager, vehicles from Myanmar would also pay premiums at the border gates of respective countries according to the premium fees set by those countries.
According to the ASEAN Framework Agreement on the Facilitation of Goods in Transit Agreement, freight vehicles, including all types of vehicles that drive through any member country’s territory.
They are required to be insured under the compulsory motor insurance of that country.
