Japan-based Taiyo Life Insurance Co., a subsidiary of T&D Holdings Inc., will jointly launch an insurance software company in Myanmar with a local corporation as early as February 2017, The Nikkei reported Dec. 27.

The new company will have capital of approximately 1.2 billion Myanmar kyat, with Taiyo Life Insurance owning a 49% stake and Myanmar's Ace Group of Cos. owning the remaining 51%. The venture will start operations after receiving approval from the Myanmar government.

Myanmar forbids foreign capital in its life insurance market, though the government is expected to loosen this rule as early as 2017.

Taiyo Life Insurance was the first Japanese insurer to open a representative office in Myanmar in 2012.

As of Dec. 26, US$1 was equivalent to 1,372.35 Myanmar kyat.