Malaysia sets cut-off for foreign insurers

Foreign insurers that do not comply with the ownership limit by the deadline will have to pay into a national health insurance programme known as B40 Health Protection Fund

KUALA LUMPUR: Malaysia’s central bank is giving foreign insurers until the end of 2023 to either reduce stakes in their local ventures or contribute to a charitable fund, people with knowledge of the matter say, more than a decade after the requirement was introduced.

Foreign insurers that do not comply with the ownership limit by the deadline will have to pay into a national health insurance programme known as B40 Health Protection Fund, said the people, who asked not to be identified as the information is private.