Malaysia enforces cap on foreign ownership of insurers' local units — sources
KUALA LUMPUR (June 23): Malaysia's central bank has asked foreign insurers to raise the proportion of local shareholders in their firms to at least 30%, under an initiative to lift domestic participation in the industry, people familiar with the matter said on Friday.
Foreign ownership of Malaysian insurers was set in 2009 at 70% — or more if the buyer could help consolidate and rationalise the industry. But some foreign insurers operating in the country could still be wholly owned by their overseas parent.
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