Guide to Set Up Labuan General Insurance Business
Labuan General Insurance business under the Labuan law is defined as an insurance business that is not life insurance but includes accident, medical, surgical and hospital expenses insurance. General insurance is also known as non-life insurance.
Licensing and Operational Requirements for Labuan General Insurance:
- Maintain minimum paid-up capital or working funds of RM7.5 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, required to establish an operational office in Labuan within minimum 4 staffs with annual spending of RM100,000
- Appointment of any person in control, director or principal officer (PO) must obtain prior approval from Labuan FSA. However, Labuan general insurers 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 to any adverse report from any reliable sources.
- May set up a marketing office in Kuala Lumpur to facilitate meetings and business dealing with clients.
- Comply to yearly corporate tax filing to Labuan Inland Revenue Board and Labuan FSA.
Annual Fee for Labuan General Insurance:
Labuan General Insurance license fee of USD15,000 is payable to Authority upon approval of the license. For the onward year, the License fee is to be paid to Labuan FSA on and before the 15th of every year. If any of the insurance licensees use a protected cell company (PCC) structure, the annual license fee for the core structure is USD10,000 and each cell’s license fee is USD3,500.
TRICOR TRUSTCO provides a one-stop application solution for Labuan General Insurance License includes:
- 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, AMLA and KYC Framework
- Submission and supervise the application process
- Act as your liaison and contact point with Labuan FSA for all correspondence and arrange an interview (if any)
- Track the license approval and attend all queries from Labuan FSA
WHY TRICOR TRUSTCO for Your LABUAN SET UP?
We are a full-fledged licensed Labuan Trust Company (Trust License No. LT 0034) with a highly experienced team of dedicated professionals handle all license applications. We provide complete “one-stop” solutions in pre-assess, meet, planning, structuring, establishment and corporate service for your Labuan Insurance Business, ensuring you get a bespoke service that meets your insurance business needs as well as onwards operation.
Call us at +603-2783 9191 (Labuan Division) for an appointment to find out which type of insurance license if you are unsure of or alternatively, feel free to drop us an inquiry to find out more about Labuan General Insurance License application on your eligibility. TRICOR’s One Labuan Platform easy to elevate your Labuan operation efficiently!
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