Guide to Set Up Labuan Insurance Manager Company
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)
- Required to establish an operational office in Labuan managed by a management team with a minimum of 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 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 with an audited reports.
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 USD6,500 will be payable by 15th Jan.
TRICOR TRUSTCO provides a one-stop application solution for Labuan Insurance Manager 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.
Feel free to call us at +603 2783 9191 (Labuan Division) to meet in person to find out how to set up the right entity to kick-start your insurance manager business! Alternative, you can send us your inquiry to find out more about the Labuan Insurance Manager License application and your eligibility. TRICOR’s One Labuan Platform easy to elevate your Labuan operation efficiently!
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