Foreign insurers in Malaysia gain more freedom
Monday, 08 20 2018, Category: Insurance and Reinsurance, Country: Asia
A bilateral agreement between Bank Negara Malaysia (BNM) and foreign-owned insurance companies has given the latter more flexibility in divesting their stakes in order to comply with the market’s foreign ownership rules.
According to recently appointed BNM governor Datuk Nor Shamsiah Mohd Yunus, while the goals of enforcing the foreign ownership cap of 70% remain the same, instead of imposing a June 30 deadline for all foreign insurers to reduce their stakes, the deadline will be determined by agreements between the foreign insurers and BNM, Edge Markets reported.
Source: Insurance Business