LABUAN GENERAL INSURANCE LICENSE

  • Min. Paid-up Capital: MYR 7.5 million
  • Member of Labuan International Insurance Association
  • Operational office in Labuan or appoint licensed Labuan underwriting manager
  • May set up marketing office in Kuala Lumpur

A Labuan general insurance business is defined as an insurance business which is not life insurance but includes accident, medical, surgical and hospital expenses insurance. General insurance is also known as non-life insurance.

Licensing and Operational Requirements for A Labuan General Insurance:

  1. Maintain minimum paid-up capital or working funds of MYR 7.5 million or its equivalent in any foreign currency.
  2. Must be a member of the Labuan International Insurance Association.
  3. Must provide a letter of guarantee or undertaking from the parent company to Labuan FSA (if applicable).
  4. For operations: establish an operational office in Labuan managed by a management team that has adequate knowledge and expertise in the insurance business; OR appoint a licensed Labuan underwriting manager.
  5. Appointment of any person in control, director or principal officer (PO) must obtain prior approval from Labuan FSA. However, Labuan general insurers that are established as a branch are not required to obtain approval on the appointment of their directors.
  6. The person in control, director and PO must be fit and proper persons and shall not be subjected to any adverse report from any reliable sources.
  7. May set up a marketing office in Kuala Lumpur to facilitate meetings and business dealing with clients. The number of staff in the marketing office must balance the number of staff in the Management Office in Labuan (not applicable to captive and insurance broker).

Application Timeframe

  1. Approximately 30 to 60 days subject to further information and supporting documents required by Labuan FSA during the approval process
  2. Interviews / Meetings with the key personnel may be requested by the Labuan FSA to understand or clarify certain processes

STEPS to Apply for A Labuan General Insurance License

Process flow for Obtaining A Labuan General Insurance  Licence | QX Trust - Offshore Labuan

Find out the Different Types of Labuan Insurance License available for your Insurance Business!

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QX TRUST license application service level for Labuan General Insurance license include:
  • Consultation on client's eligibility and application procedures
  • Feasibility study write-up based on client's profile
  • Due Diligence, Profiling and Guidance on documents preparation
  • Construct exclusive Business Plan to meet client's business objectives
  • Preparation of Financial Forecast, KYC, Operation and AML/CFT Manuals, Client Agreements etc
  • Submission and supervision of application process until approval
  • Act as liaison and key contact person for both client and Labuan FSA on all correspondences, meetings and /or interviews (if any)