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general reinsurers and/or life reinsurers. MAT insurers do
not write insurance business, other than the collection or

receipt of premiums in relation to MAT insurance business.

[7]

4. Malaysia- Bank Negara Malaysia (BNM) regulates entities

which carry on insurance business, insurance broking,

adjusting and financial advisory. Insurers are licensed by

the Minister of Finance on the recommendation of the BNM.

Brokers and financial advisers must be approved by BNM,

and adjusters must be registered with BNM.

Branches are not permitted. Insurers (other than

professional reinsurers) must be public companies;
adjusters must be incorporated, whereas BNM may specify
the form of establishment of reinsurers, brokers and

financial advisors.

There is currently a freeze on the issuance of new

insurance licences by BNM, although BNM may be open to
consider applications on a case by case basis. Prior
[8]
consultation with BNM is encouraged.

5. Sri Lanka – Insurance Regulatory Commission of Sri Lanka

(IRCSL) - The IRCSL safeguards policy holders through

supervisory control of Insurance Companies. Professionals

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