Guide to Set Up Labuan Insurance Manager Company
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 Requirements for Labuan Insurance Manager:
- Maintain minimum paid-up capital or working funds of RM300,000 or its equivalent in any foreign currency
- Must be a member of the Labuan International Insurance Association
- Must provide a letter of guarantee or undertaking from the parent company to Labuan FSA (if applicable)
- 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 insurance manager
- Appointment of any person in control, director or principal officer (PO) must obtain prior approval from Labuan FSA. However, Labuan insurance managers that are established as a branch are not required to obtain approval on the appointment of their directors
- The person in control, director and PO must be fit and proper persons and shall not be subject of any adverse report from any reliable sources
- Comply to yearly corporate tax filing with Labuan Inland Revenue Board and Labuan FSA.
Annual Fee for Labuan Insurance Manager:
The initial license fee is payable to Labuan FSA upon approval of the license may not be of a full year. Thereafter, a yearly license fee is RM 20,000 will be payable by 15th Jan, in addition to annual maintenance fees of the company payable to company secretary.
CP TRUST one-stop license application service level for Labuan Insurance Manager License include as follows:
* Consultation of your eligibility and procedures based on your profile
* Profiling, due diligence and guidance on documents preparation
* Preparation of Business Plan and Financial Forecast
* Submission and supervision of application approving process
* Act as your liaison and contact point with Labuan FSA for all correspondence and arrange an interview (if any)
Feel free to call us at +603 2161 0354 to meet in person to find out how to set up the right entity to kick-start your insurance manager business! Alternative, you can email us if you are interested to find out more about Labuan Insurance Manager License application and your eligibility. We “simplify the complexities” of your investment in Labuan.