No New Policy On Foreign Ownership In Insurance Companies - Malaysia's Central Bank

KUALA LUMPUR, July 5 (Bernama) -- There is no new policy on foreign ownership in insurance companies, said Bank Negara Malaysia (Malaysia's Central Bank). In a statement Tuesday, the central bank said, it had assessed all applications for the acquisition of shares in accordance with the Financial Services Act 2013. “Foreign shareholders of insurers that have made specific commitments in applying for entry into the Malaysian insurance market, including maintaining specified levels of domestic shareholding within agreed timelines, must honour their commitment. “As the regulator, BNM expects adherence to these agreements, and will play a facilitative role to ensure the commitments are met,” it said. -- BERNAMA