Labuan Insurance Business
Labuan insurance business means insurance business that is transacted in foreign currency and includes life, general, reinsurance and captive insurance but does not include domestic insurance business. Labuan insurance business may carry on reinsurance of domestic insurance business, in Malaysian currency and such other business as specified by Labuan FSA. The activities of the Labuan insurance business is governed by the Labuan Financial Services and Securities Act 2010.
Labuan Life Insurance Business
Life insurance business means insurance business connected with any policy by which payment of policy monies is insured on death or on the happening of any contingency dependent on the termination or continuation of human life and includes any incidental extension of cover and reinsurances of such business.
Labuan Reinsurance Business
Labuan reinsurance business means a business whereby the reinsurer assumes a part of the liability under an original contract of insurance of another insurer or reinsurer. A Labuan reinsurer may either be conducting general or life reinsurance business.
Labuan Insurance Related Companies
Applicant for Labuan insurance related licence may carry on business as a Labuan insurance broker, Labuan insurance manager or Labuan underwriting manager.
- Labuan 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 Labuan FSA from time to time) and broke for direct Malaysian risks.
- Labuan Insurance Manager Labuan insurance manager means a person who is licensed to provide management or administration services related to Labuan insurance business but do not include a Labuan underwriting manager.
- Labuan Underwriting Manager Labuan underwriting manager means a person who is licensed to provide underwriting services, including the administration of the business, to one or more Labuan insurers.
Labuan Retakaful Business
Labuan retakaful business means a business in compliance with Shariah principles whereby the Labuan retakaful operator assumes a part of the liability under an original contract of takaful of another takaful operator or retakaful operator.
Labuan General Takaful Business
A Labuan general takaful business means takaful business which is not family takaful business but includes takaful business relating to mutual financial aid and assistance to participants for losses arising from perils such as accidents, fires, floods and burglaries.
Labuan Family Takaful Business
Labuan family takaful business means takaful business relating to family takaful. Family takaful means takaful for the benefit of the individual and his family.