Malaysia sets April deadline for insurers’ foreign ownership plans
Bank Negara Malaysia | February 15, 2019
The Malaysian government is giving foreign-owned insurers until April to submit their plans on how to comply with local shareholding regulations, according to the country’s central bank. A 2009 ruling by Bank Negara Malaysia (BNM) limits foreign entities to owning a maximum of 70% of insurers’ shares, but it remained mostly unenforced. In 2017, the regulator issued another directive, telling insurers that they must comply with the previous ruling.