[BY INVITATION ONLY] Labuan IBFC: Insurance Capital Adequacy Framework (ICAF) Conference - Upcoming Events

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[BY INVITATION ONLY] Labuan IBFC: Insurance Capital Adequacy Framework (ICAF) Conference

Labuan FSA together with Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.) are jointly organising a half-day conference on the newly roll-out Insurance Capital Adequacy Framework (ICAF), with the theme of Enhancing Financial Resilience in a Dynamic Insurance Landscape.

This conference aims to showcase the new solvency framework and provide practical guidance as the Labuan insurance industry is in the midst of transitioning into risk-based capital regime prior to its full implementation in 2024. The conference will feature two panel sessions and the sharing of experience by regulators, industry experts and practitioners.

The conference will be hosted as an in-person event on Thursday, 21 September 2023 at Lanai Kijang, Kuala Lumpur, Malaysia.

Participation is exclusive to Labuan industry players. For enquiries, please contact events@libfc.com.

Speakers

Nik Mohamed Din Nik Musa, Director - General, Labuan Financial Services Authority
Nik Mohamed Din Nik Musa, Director - General, Labuan Financial Services Authority
Mr. Nik Mohamed Din is the Director General of Labuan FSA. Prior to his appointment, Mr. Nik Mohamed Din was the Director of Money Services Business Regulation, Bank Negara Malaysia (BNM) since 2016.
At his previous post, he was responsible for the regulation, supervision, policy-making and development of cross-border remittance, currency exchange and currency wholesale business in Malaysia. He joined BNM in 1991 and had served in various areas within the Central Bank, including bank regulation, Islamic banking and takaful as well as market development of international finance of the Labuan IBFC.

Mr. Nik Mohamed Din is the Vice Chairman of International Islamic Financial Market (IIFM). He is also Chairman of the Financial Stability Committee of Labuan FSA and a board of director of Financial Park (Labuan) Sdn Bhd.

Besides holding a Chartered Banker certificate from the Asian Institute of Chartered Bankers, Mr. Nik Mohamed Din holds a Bachelor of Science in Economics and Accounting from the University of Bristol and a Master’s degree in Business Administration from the University of Warwick.
Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO, Labuan IBFC Inc.
Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO, Labuan IBFC Inc.
Datuk Iskandar is the Deputy Director General of Labuan Financial Services Authority (Labuan FSA). He is currently serving in a new leadership role as the Executive Chairman of Labuan IBFC Inc. for a two-year term effective 1 February 2022.

He commenced his career in Bank Negara Malaysia and was seconded to Labuan FSA in 1996. Cumulatively, Datuk Iskandar has over 30 years of experience serving in financial services regulatory and supervisory agencies.

He brings to his new role a wealth of related knowledge and experience and will lead a dedicated and professional team in Labuan IBFC Inc. that will be focused on driving strategic business initiatives to further develop Labuan IBFC.

The appointment of Datuk Iskandar reflects the continued commitment of Labuan FSA and the Government to position Labuan IBFC as a thriving business and financial centre under the next phase of its development.
Syahrul Imran Mahadzir, Director, Regulatory Policy, Labuan Financial Services Authority
Syahrul Imran Mahadzir, Director, Regulatory Policy, Labuan Financial Services Authority
Syahrul Imran Mahadzir is the Director of the Regulatory Policy Department at Labuan Financial Services Authority (Labuan FSA). He currently oversees the development of prudential regulations and AML/CFT framework for Labuan financial market.

He obtained his Masters in Actuarial Science from the Heriot-Watt University, Edinburgh, Scotland in 2003 and is an affiliate member of the Association of Chartered Certified Accountants (ACCA), United Kingdom.

Since joining Labuan FSA in 2013, Syahrul has been spearheading the upscaling of Labuan’s prudential regulations vis-à-vis international standards. This include transitioning the Labuan banks into Basel II and Basel III requirements; introducing risk based capital for Labuan insurance business; enhancing captives’ solvency framework and streamlining the financial reporting practices for the market. His responsibility was later expanded in 2015 to oversee Labuan IBFC’s market development and tax policies. In this strategic role, he was heavily involved in formulating forward charting plans for the Centre; introducing the Labuan digital financial services; developing the Labuan business substance requirements; as well as promoting captive business developments.

Syahrul started his career in Bank Negara Malaysia, and subsequently was engaged by MNRB Holdings Berhad and Perbadanan Insurans Deposit Malaysia (Malaysia Insurance Deposit Corporation); prior to joining Labuan FSA. Collectively, he has 25 years of experience overseeing regulatory development, market strategies, supervisory monitoring and enterprise risk management.
Roy Sharma, Chairman, Labuan International Insurance Association
Roy Sharma, Chairman, Labuan International Insurance Association
Roy Sharma is the Principal Officer and Managing Director of an international reinsurance company based in Kuala Lumpur office. Other than being the country manager for Malaysia he is also responsible for developing and assisting their clients in Asia in certain specialized areas of insurance. His specialized areas include among others Political, Project & Credit Risk Insurance, Professional Indemnity, Management Liability Insurance, Financial Lines Insurance, Casualty Insurance, Extended Warranty Insurance and Affinity & Niche Solutions.

He read law in the City of London and was called to the Malaysian Bar as an Advocate & Solicitor. He started his career in the insurance industry in 1994 as an Insurance Broker and joined Antah Sedgwick Chartered Insurance Brokers, thereafter he joined, Aon Risk Services Malaysia and Aon Risk Services Singapore. In April 2006 Roy then joined Arthur J Gallagher Asia (L) Bhd a reinsurance broker that was rebranded as Asia Reinsurance Brokers (Labuan) Ltd in 2008 after a management buy out and was its MD since 2007.

Roy is also the President Commissioner of PT ARB Indonesia and a Board member of ARB’s parent company. Roy is the current Chairman of the Labuan International Insurance Association.
Chong Chih Jen, Deputy Director, Prudential Financial Policy Department, Bank Negara Malaysia
Chong Chih Jen, Deputy Director, Prudential Financial Policy Department, Bank Negara Malaysia
Chih Jen (CJ) has over 15 years of experience in Bank Negara Malaysia, with involvement in various capacities on the policy formulation for the financial sector, particularly the insurance sector. This includes different aspects of policy development, from capital adequacy requirements for insurers and takaful operators, to business continuity management of financial institutions. More recently, he is also involved in the development of the digital insurers and takaful operators regulatory and licensing framework. He is currently a deputy director in the Prudential Financial Policy Department.
Zainal Abidin Mohd Kassim, Actuary & Managing Director, Actuarial Partners Consulting
Zainal Abidin Mohd Kassim, Actuary & Managing Director, Actuarial Partners Consulting
Zainal is the Managing Director of Actuarial Partners Consulting, and a pioneer in the actuarial field in Malaysia. He has been in consulting since 1982. His consulting experience spans the full spectrum of actuarial services including life and general insurance consulting, family and general Takaful consulting, retirement and employee benefit consulting and investment consulting. He was among the first five Malaysians to qualify as a Fellow of an actuarial professional body.
With the benefit of a long and diverse career in actuarial consulting, he currently specializes in the strategic aspects of takaful, insurance, IFRS 17 and retirement consulting.
He was a member of the International Accounting Standards Board Working Group in London which reviewed proposed changes to IAS 19, accounting for pensions and other retirement benefits. He is on the Malaysian Accounting Standards Board WG52 which was entrusted to provide feedback on IFRS 17 during the formulation phase on behalf of the Board. He subsequently sat in the MASB Transitional Resource Group on the implementation of IFRS 17 for takaful.
He is a Fellow of the Institute and Faculty of Actuaries of the UK, a Fellow of the Actuarial Society of Malaysia, Fellow of the Singapore Actuarial Society and an Associate of the Society of Actuaries in the USA. He is a past President of the Actuarial Society of Malaysia.
Billy Gumbang, Head of Prudential Policy Unit, Labuan Financial Services Authority
Billy Gumbang, Head of Prudential Policy Unit, Labuan Financial Services Authority
Billy is the Head of Prudential Policy Unit at Labuan Financial Services Authority (Labuan FSA). He leads policy governance, review and development initiatives relating to prudential policies for the financial institutions in Labuan International Business and Financial Centre with the aim of promoting financial safety and soundness within the Centre. He joined the Authority in 2006 and was one of the pioneers when the Authority established a dedicated Unit to oversee the policy development functions 17 years ago. Since then, Billy has been actively involved in policies development including regulatory reforms and most notably, leading the development of risk-based insurance solvency framework in 2022. His roles also include providing policy advisory and technical support to both internal and external stakeholders on policy matters covering financial, governance and business conduct regulations.

Billy obtained a Bachelor of International Finance and a Master’s of Business Administration from Universiti Malaysia Sabah. He also holds a Diploma in Technology Management (Accountancy) from Universiti Teknologi Malaysia, a Diploma and Certificate in Insurance from the Malaysian Insurance Institute (MII) as well as Certified Anti-Money Laundering & Counter Financing of Terrorism Compliance Officer from the Asian Institute of Chartered Bankers (AICB). He is also a member of the MII and AICB.
Alston Go Xue Ji, Appointed Actuary, Manulife Insurance Berhad
Alston Go Xue Ji, Appointed Actuary, Manulife Insurance Berhad
Alston is Appointed Actuary of Manulife Insurance Berhad based in Kuala Lumpur, and was the Appointed Actuary of Manulife Insurance Labuan Limited, with over 12 years of insurance industry experience. He has extensive exposure in financial reporting including IFRS17, capital management, participating business management, financial and investment risk management, and in-force management including medical claim and persistency management throughout his career. Alston is a Fellow of Society of Actuaries (US) and Fellow of Actuarial Society of Malaysia. He holds a first-class Honors Degree in Actuarial Science from National University of Malaysia.
Aw Yong Chor Leong, Head of Actuarial, Labuan Reinsurance (L) Ltd
Aw Yong Chong Leong, Head of Actuarial, Labuan Reinsurance (L) Ltd
Chor Leong is the Head of Actuarial of Labuan Reinsurance (L) Berhad since July 2019. He is a Fellow of Casualty Actuarial Society (FCAS). He oversees the Actuarial Reserves of the Company and other actuarial assignments including pricing, capital management, portfolio optimisation and asset-liability management.
Nicholas Yeo, Founder & Actuary, Nicholas Actuarial Solutions Sdn Bhd
Nicholas Yeo, Founder & Actuary, Nicholas Actuarial Solutions Sdn Bhd
Nicholas founded Nicholas Actuarial Solutions in 2015. He is an actuary with exceptional business acumen and a global perspective. His clients and his organization benefit from his strong grasp of strategic, operational and risk management aspects of the business.

Nicholas has over 15 years of experience in actuarial work including life insurance, family takaful, general insurance, general takaful, employee benefits, pension, medical insurance, reinsurance and insurtech startups. Nicholas held appointed actuary and signing actuary roles in Malaysia, Cambodia and Papua New Guinea.

Nicholas has developed various technology and software applications including IBNR Robot, ReACC, and PAA Robot. Outside of traditional actuarial work, Nicholas has significant experience in captive insurance, offshore insurance, artificial intelligence and data analytics.

Nicholas is a Fellow of the Institute and Faculty of Actuaries (UK) and a Fellow of the Society of Actuaries (US). He is a past Council Member of the Society of Actuaries’ Entrepreneurial & Innovation Section. He is also a past Chairperson of the Professional Development Committee and Events Committee of the Actuarial Society of Malaysia. Nicholas graduated from Bayes Business School formerly known as Cass Business School with First Class Honours in BSc Actuarial Science.

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Event Details:

Date:

21 September 2023
(Thursday)

Time:
9.30 am - 12.00 pm

Address:
Multipurpose Hall, Level 3
Lanai Kajang
2, Jalan Berjasa
50480 Kuala Lumpur