The insurance industry in Malaysia dates back to the colonial era. To start with, British-based insurance houses provided financial protection for British business interests in Malaya. It was only after Independence that the Malaysian government and private investors began establishing their own operations, or took over – wholly or by majority control – foreign insurers.
In 2009 the market was further liberalised when foreign insurers were allowed to increase their ownership of local insurers from 49% to 100%. Industry oversight was placed under Bank Negara Malaysia (BNM) in 1988, which took over from the Ministry of Finance.
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