Foreign insurers in Malaysia resisting divestment: Sources

Bank Negara Malaysia in April last year laid down a set of deadlines that called on foreign insurance companies to divest a minimum of 30 per cent interest in their operations to local investors.
Bank Negara Malaysia in April last year laid down a set of deadlines that called on foreign insurance companies to divest a minimum of 30 per cent interest in their operations to local investors. PHOTO: THE STAR/ASIA NEWS NETWORK

AIA, AIG baulk at complying with directive after US intervention

Two major foreign insurance companies - AIA, the insurance giant listed in Hong Kong, and American International Group (AIG) - are baulking at complying with a Malaysian central bank directive on ownership following intervention by the US government, said industry executives and Malaysian government officials.

Bank Negara Malaysia (BNM) in April last year laid down a set of deadlines that called on foreign insurance companies to divest a minimum of 30 per cent interest in their operations to local investors.

TO READ THE FULL ARTICLE

Thank you for reading The Straits Times

You have reached one of our Premium stories. To continue reading, get access now or log in if you are a subscriber.

What is Premium?

A version of this article appeared in the print edition of The Straits Times on March 26, 2018, with the headline 'Foreign insurers in Malaysia resisting divestment: Sources'. Print Edition | Subscribe