Labuan Insurance-Related Business: A Quick Look at Essentials

An applicant for a Labuan insurance-related license can carry on business as an insurance broker, insurance manager or underwriting manager in Labuan. The activities of the Labuan insurance broking business are governed by the Labuan Financial Services and Securities Act 2010. If an insurance related business is your cup of tea, you will be hard-pressed to find a better location like Labuan that offers a wide range of financial products and services to customers worldwide. Also, our QX Trust team of consultants can be contacted to seek consultation for successful establishment of insurance related business in Malaysia. Let us find out more on the types of insurance related business carried out by the license holder.

Insurance Broker in Labuan:

An insurance broker in Malaysia is defined as an individual who is licensed to arrange insurance business in Labuan on behalf of prospective or existing policy owners. They also arrange reinsurance business in Labuan on behalf of any insurer seeking reinsurance. One of the biggest aspects of establishing an Insurance Broking Company in Labuan is having a professional insurance policy in place. Additionally, if a Labuan Insurance Broker chooses to establish an insurance system that is devised to comply with the Shariah laws, no separate license is required. In case you are also willing to become an insurance broker in Labuan then immediately contact our QX Trust team of consultants. Our dedicated and highly attentive team holds years of expertise in assisting entrepreneurs and investors in setting up their insurance broking company in Malaysia.

Insurance Manager in Labuan:

Insurance manager in Labuan is an individual who is licensed to provide management or administration services related to an insurance business but do not include a Labuan underwriting manager. Furthermore, the applicant for a license to carry on insurance manager, business in Labuan should have an operational management office in Labuan and must be a member of the Labuan International Insurance Association. The office should be under a management team that has a required knowledge and past experience in insurance business. The person in control, director and PO of a Labuan insurance manager must be of fit and reliable individual.

Underwriting Manager:

An underwriting manager in Labuan is known as an individual who is licensed to provide underwriting services, including the business administrations, to insurers in Labuan. Applicant for license to carry on underwriting manager, business in Labuan must have an operational management office, managed by a management team that holds adequate knowledge and expertise in running insurance business. As for the appointment of any person in control, directing, or Principal Officer (PO) of a Labuan underwriting manager, such appointments should obtain prior approval from the Labuan Financial Services Authority.

Whether you need to become aninsurance manager, underwriting manager or Insurance Broker in Labuan, our QX team holds expertise in advising on the necessary requirements from profiling your documents to obtaining the necessary approval for license; up to providing the Labuan office. Rest assured that our team is able and capable of handling everything with ease for you. Contact us at +60 3 9212 6940 or for a free consultation now.