YANGON: Myanmar has introduced a cross-border motor vehicle insurance for vehicles in the Association of Southeast Asian Nations (Asean) countries, the official television channel MRTV reported on Thursday (Jan 25).
The launching ceremony of the cross-border motor vehicle insurance through the Asean Compulsory Motor Insurance System (ACMI) took place at the Myanma Insurance in Yangon on Jan 13.
U Lwin Oo, general manager of Myanma Insurance, said office branches have been established at border gates such as Myawaddy, Tachileik, Muse, and Tamu to accept vehicles entering Myanmar under the ACMI system, said the report.
The ACMI system facilitates the acceptance of insurance for transport vehicles from Asean countries through a digital platform. Asean vehicles entering Myanmar will pay premiums online, he said.
Premium payments for the vehicles will 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.
Vehicles from Myanmar will also pay premiums at the border gates of respective countries according to the premium fees set by those countries, said the manager.
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 countries' territory, are required to insure under compulsory motor insurance of that country. - Xinhua
