It has been reported in the local media todayi
that Bank Negara Malaysia Governor, Datuk Nor Shamsiah Yunos, said that foreign-owned insurance companies in Malaysia are required to submit their plans to reduce their foreign shareholding to 70% by early April 2019.
The Governor also said that the plan submitted by each insurer and the divestment time frame will be assessed individually on a case-by-case basis.
According to one report, the plans must include a timeline for execution of the divestment plan.
Last year, a foreign-owned insurer was exempted from complying with the 30% divestment requirement after it made a RM2.0 billion contribution to a health scheme for low-income earners.