LABUAN INSURANCE BUSINESS
Labuan Insurance Business Info
Labuan IBFC’s insurance industry is a thriving one, as evidenced by its vibrant growth in the past few years. Comprising not just reinsurers and direct insurers, Labuan IBFC also provides unique underwriting vehicles in the form of captives. This is an increasingly popular risk solution sought by many corporates that prefer to have the flexibility of managing their own perils as part of their own risk management. Aside from conventional (re)insurance services, Labuan IBFC also offers Islamic (re)insurance, better known as (re)takaful, for those seeking Shariah-compliant protection. Insurance brokers, underwriting managers as well as insurance managers complete the supply chain by offering the needed services within the sector.
The industry is set on a positive trajectory and will continue to expand to provide the needed reinsurance capacity and insurance products in order to meet sophisticated clientele needs and expectations. Business flexibilities in tandem with an orderly set of regulations provide a stable business environment for prospective investors and clients alike.
B. Labuan Insurance
Type of Insurance Licence approve by Labuan FSA:
Direct insurance - life/general/composite;
Underwriting manager; and
C. Insurance Licence Application Procedure
Insurance Licence Application Procedure;
The application to apply for Insurance Licence must be made by the appointed trust company and the following documents is required to be submitted during the application;
(a) details business plans
(b) authenticated copy of the proposed Memorandum of Association and Article of Association
(c) certified extracts of the resolutions of the Board and the general meeting to apply for the licence
(e) a copy of audited annual accounts for the preceding three years;
(f) applicant's corporate profile, which includes:-
(g) declaration by company directors and officers who are responsible for the management of the offshore insurance entity.
Our dedicated teams are more than happy to assist you in establishing, structuring and planning your Labuan Insurance and licensing application. Contact us today at email@example.com for free initial consultation without any obligation.