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No New Policy On Foreign Ownership In Insurance Companies - BNM
Last update: 04/07/2017

KUALA LUMPUR, July 4 (Bernama) -- There is no new policy on foreign ownership in insurance companies, said†Bank Negara†Malaysia.

In a statement today, 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.



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US 3.9110/9140
S'pore 2.9732/9771
100 Yen 3.7290/7333
Sterling 5.5208/5254
Euro 4.8223/8271
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?

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