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 that has adequate knowledge and expertise in the insurance business; OR
- appoint a licensed Labuan underwriting manager.
- 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.
- 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 and Labuan FSA.
Annual Fee for Labuan Underwriting Insurance Manager:
Initial license fee is payable to Labuan FSA upon approval of license may not be of full year. Thereafter, 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
* Submission and supervision of applicant process approval
* Act as your liaison and contact point with Labuan FSA for all correspondence and arrange interview (if any)
Feel free to call us at +603-2161 0354 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.