In 2001, Zurich Insurance combined its Malaysian operations with MCIS to establish MCIS Zurich. The Swiss insurer purchased Malaysian Assurance Alliance (MAA) in September 2011.
The move comes after, Bank Negara Malaysia, the country's central bank, mandated that no foreign company can own more than one insurance operation in the country.
A Zurich-based official from Zurich Insurance was quoted by the news site as saying, "We are working with other stakeholders in MCIS Zurich to resolve the issue of Zurich's interest in two licences and are confident that the situation will be regularised well within the deadline that the central bank has given to us on this matter."
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