An applicant for a Labuan insurance-related licence may carry on business as a Labuan insurance broker, Labuan insurance manager or Labuan underwriting manager.
The activities of the Labuan insurance-related business are governed by the Labuan Financial Services and Securities (Amendment) Act 2022 (Act A1654).
A Labuan insurance broker is defined as a person who is licensed to arrange Labuan insurance business on behalf of prospective or existing policy owners and arrange Labuan reinsurance business on behalf of any insurer seeking reinsurance. In addition, following the enactment of new legislation, a Labuan insurance broker may carry on financial planning activities. A Labuan insurance broker is prohibited from dealing with residents (except for high-net-worth individuals, reinsurance and others as defined by Labuan FSA from time to time) and broke for direct Malaysian risks.
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.
A Labuan underwriting manager is defined as a person who is licensed to provide underwriting services, including the administration of the business, to one or more Labuan insurers.
For the latest list of Labuan Insurance & Insurance-Related Entities, click here.
This list was updated on 30 July 2024 and does not reflect real-time data.
Labuan banking means the business of receiving deposits on current accounts, deposit accounts, savings accounts, and includes the investment banking business, Labuan financial business, Islamic banking business and such other transactions and terms and conditions as specified by Labuan FSA in any currency including Malaysian Ringgit where permitted by Bank Negara Malaysia.
Investment banking means the business of providing credit facilities and consultancy and advisory services relating to corporate and investment matters, including making investments on behalf of any person. Other activities include undertaking foreign exchange transactions, interest rate swaps, dealings in derivative instruments or derivative financial instruments or any other similar risk management activities.
Islamic banking is defined as a banking business that is in accordance with Shariah principles.
Organisations that meet the following minimum criteria may apply for a Labuan banking licence:
RM10 million or its equivalent in any other currency.
