An applicant for a Labuan insurance-related licence may carry on business as a Labuan insurance broker, Labuan insurance manager or Labuan underwriting manager. The activities of the Labuan insurance-related business are governed by the Labuan Financial Services and Securities Act 2010.
A Labuan insurance broker is defined as a person who is licensed to arrange Labuan insurance business on behalf of prospective or existing policy owners and arrange Labuan reinsurance business on behalf of any insurer seeking reinsurance. In addition, following the enactment of new legislation, a Labuan insurance broker may carry on financial planning activities. A Labuan insurance broker is prohibited from dealing with residents (except for high-net-worth individuals, reinsurance and others as defined by Labuan FSRP from time to time) and broke for direct Malaysian risks.
Applicant must maintain a minimum paid-up capital or working funds with a bank in Labuan amounting to RM300,000 or its equivalent in any foreign currency.
Applicant must be a member of the Labuan International Insurance Association.
Applicant must provide a letter of guarantee or undertaking from the parent company to Labuan FSRP.
Applicant for a licence to carry on an insurance broking business in Labuan must:
establish an operational management office in Labuan managed by a management team that has adequate knowledge and expertise in the insurance business; or
appoint a licensed Labuan insurance manager.
Appointment of any person in control, director or principal officer (PO) of a Labuan insurance broker must obtain prior approval from Labuan FSRP. Notwithstanding, Labuan insurance brokers that are established as a branch are not required to obtain approval on the appointment of their directors.
The person in control, director and PO of a Labuan insurance broker must be fit and proper persons and shall not be subject of any adverse report from any reliable sources.
A Labuan insurance manager is defined as a person who is licensed to provide management or administration services related to a Labuan insurance business but does not include a Labuan underwriting manager.
Applicant must maintain a minimum paid-up capital or working funds with a bank in Labuan amounting to RM300,000 or its equivalent in any foreign currency.
Applicant must be a member of the Labuan International Insurance Association.
Applicant must provide a letter of guarantee or undertaking from the parent company to Labuan FSRP.
Applicant for a licence to carry on an insurance broking business in Labuan must:
establish an operational management office in Labuan managed by a management team that has adequate knowledge and expertise in the insurance business; or
appoint a licensed Labuan insurance manager.
Appointment of any person in control, director or principal officer (PO) of a Labuan insurance broker must obtain prior approval from Labuan FSRP. Notwithstanding, Labuan insurance brokers that are established as a branch are not required to obtain approval on the appointment of their directors.
The person in control, director and PO of a Labuan insurance broker must be fit and proper persons and shall not be subject of any adverse report from any reliable sources.
A Labuan underwriting manager is defined as a person who is licensed to provide underwriting services, including the administration of the business, to one or more Labuan insurers.
Applicant must maintain a minimum paid-up capital or working funds with a bank in Labuan amounting to RM300,000 or its equivalent in any foreign currency.
Applicant must be a member of the Labuan International Insurance Association.
Applicant must provide a letter of guarantee or undertaking from the parent company to Labuan FSRP.
Applicant for a licence to carry on an insurance broking business in Labuan must:
establish an operational management office in Labuan managed by a management team that has adequate knowledge and expertise in the insurance business; or
appoint a licensed Labuan insurance manager.
Appointment of any person in control, director or principal officer (PO) of a Labuan insurance broker must obtain prior approval from Labuan FSRP. Notwithstanding, Labuan insurance brokers that are established as a branch are not required to obtain approval on the appointment of their directors.
The person in control, director and PO of a Labuan insurance broker must be fit and proper persons and shall not be subject of any adverse report from any reliable sources.
Labuan Financial Services Regulatory Provider. All Rights Reserved.