Questions answered on construction, finance and revenue measures

 

The Amyotha Hluttaw continued its fourth-day meeting of the third regular session at its hall in Nay Pyi Taw yesterday afternoon.

Deputy Minister for Construction U Myo Myint replied to questions raised by MP U Khin Maung Myint from the Shan State Constituency 7, MP Daw Marlar Hsan from the Shan State Constituency 2 and MP Daw Mie Mie Kyaw Tun from the Kachin State Constituency 4. He stated that of the 15- mile and two-furlong road section from the Bahtoo Road junction to Yebyu Village, the remaining two miles and four furlongs of earth road that needs to be upgraded in Yaksawk Township to a gravel road will be included in the budget allocation of the Shan State Government for the 2027- 2028 financial year. In order to upgrade the gravel-road sections to asphalt roads, annual plans will be made in coordination and cooperation with the Shan State Government.

He also responded that after conducting a feasibility study for the Aungban detour project in Kalaw Township aimed at minimizing impacts on farmland, the state government will continue to submit the matter to the Union Government for further action. He also replied that road maintenance works will be carried out using the maintenance and repair fund for the 2026-2027 financial year on the 10 miles and one furlong section of the 13- mile road connecting with the Mongkhun Village-tract in Tanai Township that remains to be paved with concrete. The upgrading process for road sections will be carried out in the coming financial years.

Deputy Minister for Finance and Revenue U Han Win Aung also answered the questions raised by MP Daw Mie Mie Kyaw Tun from the Kachin State Constituency 4 and MP U Kyaw Kyaw Latt from the Yangon Region Constituency 10, saying that there is no plan to establish the Township Internal Revenue Department Office in Tanai Township due to the number of taxpayers. He also replied that as the due diligence process for life insurance policyholders is currently being carried out, approximately 90 per cent of the policyholders have been assessed. To ensure that the insurance rights of the public who purchased insurance policies from Chubb Life Myanmar Insurance Company are not lost, the Insurance Business Regulatory Board will proceed, in accordance with the prescribed rules and regulations and depending on the type of insurance, once the due diligence process has been completed by the company that will take over the life insurance policies of Myanmar Insurance Company.

The conditions and arrangements for the process will also be announced to the life insurance policyholders of Chubb Life Myanmar Insurance Company through an official notification. Action will also continue to be taken against Chubb Life Myanmar Insurance Company in accordance with the Insurance Business Law and its rules and regulations. Amyotha Hluttaw representatives continued their discussions over the motion tabled by MP Daw Khin Swe from the Magway Region Constituency 12, urging the Union Government to enact laws and rules for establishing an Insurance Guarantee Fund and a policy transfer protection mechanism so that insured citizens do not lose their rights when insurance businesses suspend operations or withdraw from Myanmar.

Deputy Minister for Finance and Revenue U Han Win Aung explained that regarding the proposal’s call for the enactment of a law and rules on the establishment of an Insurance Protection Fund and a Transfer Protection System, although relevant provisions have already been prescribed under the Insurance Business Law and its rules, further measures will be taken to amend and add provisions to the rules in line with current circumstances, as well as to issue the necessary directives.

He continued that after conducting the necessary study and assessment, coordination will be made with the Myanmar Insurance Association to establish a Fund for the Protection of Life Assurance Policyholders in accordance with the Insurance Business Law and its rules, to protect the rights and entitlements of insured members of the public and ensure that they do not suffer any loss. The Hluttaw approved the proposal. The third regular session of the Third Amyotha Hluttaw will continue its 5th-day meeting on 1 October.

MNA/TTA

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