Guide to Set Up Labuan Underwriting Manager Business
A Labuan underwriting manager is defined as a person who is licensed to provide underwriting services, including the administration of the business, to one or more Labuan insurers.
Licensing and Operational Requirements for Labuan Underwriting Manager:
- Maintain minimum paid-up capital or working funds of RM300,000 million 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 of minimum 4 staffs that have adequate knowledge and expertise in the insurance business.
- Appointment of any person in control, director or principal officer (PO) must obtain prior approval from Labuan FSA. However, Labuan underwriting 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 with yearly corporate tax filing with Labuan Inland Revenue and Labuan FSA with audited report.
Annual Fee for Labuan Underwriting 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 Underwriting Insurance Manager License include:
* 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, AMLAH and KYC Policies
* Submission and supervision of applicant process approval
* 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 +603-2783 9191 if you are in Kuala Lumpur for an appointment to find out more about how to start a Labuan Underwriting Manager business which you own 100%! Alternatively, you can drop us an email with the form below. We “simplify the complexities” of your Labuan business.