The Insurance Commission (IC) has issued a Notification prescribing its rules, procedures and conditions for exercising the IC's power to approve foreigners holding up to 49% of the voting shares of an insurance company (foreigners are normally limited to 25%) and to foreigners comprising more than a quarter (which is the normal limit) but less than half of the total directors, of both life and non-life insurance companies. The Notification will come into effect on the day following its announcement in the Royal Gazette, which is expected to occur within February 2016.  A further update will be provided upon the announcement.

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