A Labuan general takaful business is defined as a takaful business that is not a family takaful business, but includes a takaful business relating to mutual financial aid and assistance to participants for losses arising from perils such as accidents, fires, floods and burglaries.
Applicant must maintain a minimum paid-up capital or working funds with a bank in Labuan amounting to RM7.5 million or its equivalent in any foreign currency.
Applicant must be a member of the Labuan International Insurance Association.
Applicant must provide a letter of guarantee or undertaking from the parent company to Labuan FSA.
Applicant for a licence to carry on a general takaful business in Labuan must:
establish an operational management office in Labuan managed by a management team that has adequate knowledge and expertise in the insurance business; or
appoint a licensed Labuan takaful underwriting manager.
Appointment of any person in control, director or principal officer (PO) of a Labuan general takaful operator must obtain prior approval from Labuan FSA. Notwithstanding, Labuan general takaful operators 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 of a Labuan general takaful operator must be fit and proper persons and shall not be subject of any adverse report from any reliable sources.
Type of Fees
Amount
Annual Fee
RM50,000
USD15,000
Labuan Family Takaful Business
A Labuan family takaful business is defined as a takaful business relating to family takaful. Family takaful means takaful for the benefit of the individual and his or her family.
Applicant must maintain a minimum paid-up capital or working funds with a bank in Labuan amounting to RM7.5 million or its equivalent in any foreign currency.
Applicant must be a member of the Labuan International Insurance Association.
Applicant must provide a letter of guarantee or undertaking from the parent company to Labuan FSA.
Applicant for a licence to carry on a family takaful business in Labuan must:
establish an operational management office in Labuan managed by a management team that has adequate knowledge and expertise in the insurance business; or
appoint a licensed Labuan takaful underwriting manager.
Appointment of any person in control, director or principal officer (PO) of a Labuan family takaful operator must obtain prior approval from Labuan FSA. Notwithstanding, Labuan family takaful operators 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 of a Labuan family takaful operator must be fit and proper persons and shall not be subject of any adverse report from any reliable sources.
Type of Fees
Amount
Annual Fee
RM50,000
USD15,000
Labuan Retakaful Business
A Labuan retakaful business is defined as a business in compliance with Shariah principles whereby the Labuan retakaful operator assumes a part of the liability under an original contract of takaful of another takaful operator or retakaful operator.
Applicant must maintain a minimum paid-up capital or working funds with a bank in Labuan amounting to RM10 million or its equivalent in any foreign currency.
Applicant must provide a letter of guarantee or undertaking from the parent company to Labuan FSA.
Applicant for a licence to carry on a retakaful business in Labuan must:
establish an operational management office in Labuan managed by a management team that has adequate knowledge and expertise in the insurance business; or
appoint a licensed Labuan takaful underwriting manager.
Appointment of any person in control, director or principal officer (PO) of a Labuan retakaful operator must obtain prior approval from Labuan FSA. Notwithstanding, Labuan retakaful operators 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 of a Labuan retakaful operator must be fit and proper persons and shall not be subject of any adverse report from any reliable sources.