KUALA LUMPUR (Feb 14): Foreign insurers in Malaysia have up to early April this year to submit their plans to address the minimum requirement of Malaysian ownership in their businesses here, according to Bank Negara Malaysia (BNM).

Notably, Malaysia had required foreign insurers in the country to have at least 30% Malaysian ownership in their local businesses by the end of June last year, via stake sales or local initial public offerings.

Speaking to reporters at the release of the Malaysian Economic Performance in the Fourth Quarter of 2018 report here today, BNM governor Datuk Nor Shamsiah Mohd Yunus said the central bank will be looking into this on a case-by-case basis.

"The deadline goes on a bilateral basis. [This is] based on their plans as to how they intend to comply with the conditions that they have accepted when they entered into corporate exercises. [We will look into it on] a case-by-case basis based on the bilateral, based on their plans," said Nor Shamsiah.

Under the previous governor Tan Sri Muhammad Ibrahim, the central bank had set a June 30, 2018, deadline for all foreign insurers to comply.