BF&M Ltd said today it plans to seek relief from the 60/40 foreign ownership rule.In a filing to the Bermuda Stock Exchange, BF&M gave notice of the company’s intent, effective 22 July, 2013, to seek relief from the 60/40 rule.And in a letter to Minister of Economic Development, the Company stated: "BF&M Limited, whose registered office is at 112 Pitts Bay Road, Hamilton, HM 08, hereby gives notice of its intention with effect from Monday 22nd July, 2013 to rely on the provisions of section 113(1)(cd)(i) of the Companies Act 1981 and to carry on business in reliance upon the provisions of section 114(1)(e) of the said Act and accordingly hereby notifies the Minister of Economic Development that its shares are listed on the Bermuda Stock Exchange and that it is engaged as a business in a material way in the insurance industry."BF&M Ltd is the holding company of the BF&M Insurance Group. The two largest operating companies within the Group are BF&M Life Insurance Company Limited, a leading provider of life, health and pensions.