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Labuan Insurance-Related Business

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.

Insurance Broker

Labuan insurance broker means 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, Labuan insurance brokers may carry on financial planning activities. Labuan insurance broker company is prohibited from dealing with residents (except for high net-worth individuals, reinsurance and others as defined by The Authority from time to time) and broke for direct Malaysian risks.

Licensing and Operational Requirement

  1. Applicant must maintain a minimum paid up capital or working fund with a bank in Labuan amounting to RM300,000 equivalent in any foreign currency
  2. Applicant must be a member of Labuan International Insurance Association
  3. Applicant must provide a Letter of guarantee or undertaking from the parent company to The Authority
  4. Applicant for licence to carry on insurance brokering business in Labuan must:
    • Have an operational management office in Labuan managed by a management team that has an adequate knowledge and expertise in insurance business; or
    • Appoint a licensed Labuan insurance manager
  5. Appointment of any person in control, director, or Principal Officer (PO) of a Labuan insurance broker must obtain prior approval from The Authority
  6. The person in control, director and PO of a Labuan insurance broker must be of fit and proper persons and shall not be subject of any adverse report from any reliable sources

Insurance Manager

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.

Licensing and Operational Requirement

  1. Applicant must maintain a minimum paid up capital or working fund with a bank in Labuan amounting to RM300,000 equivalent in any foreign currency.
  2. Applicant must be a member of Labuan International Insurance Association
  3. Applicant must provide a Letter of guarantee or undertaking from the parent company to The Authority
  4. Applicant for license to carry on insurance manager business in Labuan must
    • Have an operational management office in Labuan managed by a management team that has an adequate knowledge and expertise in insurance business; or
    • Appoint a licensed Labuan insurance manager
  5. Appointment of any person in control, director, or Principal Officer (PO) of a Labuan insurance manager must obtain prior approval from The Authority
  6. The person in control, director and PO of a Labuan insurance manager must be of fit and proper persons and shall not be subject of any adverse report from any reliable sources

Underwriting Manager

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.

Licensing and Operational Requirement

  1. Applicant must maintain a minimum paid up capital or working fund with a bank in Labuan amounting to RM300,000 equivalent in any foreign currency
  2. Applicant must be a member of Labuan International Insurance Association
  3. Applicant must provide a Letter of guarantee or undertaking from the parent company to The Authority
  4. Applicant for licence to carry on underwriting manager business in Labuan must
    • Have an operational management office in Labuan managed by a management team that has an adequate knowledge and expertise in insurance business; or
    • Appoint a licensed Labuan underwriting manager
  5. Appointment of any person in control, director, or Principal Officer (PO) of a Labuan underwriting manager must obtain prior approval from The Authority
  6. The person in control, director and PO of a Labuan underwriting manager must be of fit and proper persons and shall not be subject of any adverse report from any reliable sources

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