A Labuan insurance manager is defined as a person who is licensed to provide management or administration services related to a Labuan insurance business but does not include a Labuan underwriting manager.
- Applicant must maintain a minimum paid-up capital or working funds with a bank in Labuan amounting to RM300,000 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 an insurance manager 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 insurance manager.
- Appointment of any person in control, director or principal officer (PO) of a Labuan insurance manager must obtain prior approval from Labuan FSA. Notwithstanding, 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 of a Labuan insurance manager must be fit and proper persons and shall not be subject of any adverse report from any reliable sources.