Malaysia to further review ownership rules for foreign insurersJune 14 2018 by InsuranceAsia News Staff
Malaysia is expected to review a directive given to foreign insurers to reduce ownership of their local units by nearly a third due to the difficulty of finding domestic buyers for equity stakes.
Press reports have suggested the review may result in the Malaysian regulator deferring the requirement.
If realised, the deferral would benefit foreign insurers operating in Malaysia, such as Great Eastern, Prudential, Tokio Marine and Zurich by postponing deals worth more than US$2 billion that were being imposed upon them.
Malaysia’s central bank, Bank Negara, had previously announced it would enforce its 2009 rule putting a 70% cap on foreign ownership of local insurance businesses.
- March 6
As insurers reach the implementation phase of IFRS 17 there is plenty of work ahead.
- February 28
Insurance Council of Australia chief executive Rob Whelan warns of need for balance to reforms.
- February 27
Insurance firms will need to set up offices in Labuan to benefit from its 3% tax rate.
- February 25
The Chinese government has yet to find an investor for the insurance giant.