Different Types of Labuan Insurance License

Different Types of Labuan Insurance License

 

Insurance License Type Definition of Labuan Insurance Business Category Paid Up Capital Annual License Fee
Life/General
Insurance
* A Labuan life insurance business is defined as an insurances business connected with any policy by which payment of policy monies is insured on death or on the happening of any contingency dependent on the termination or continuation of human life and includes any incidental extension and reinsurance of such business. Actuary Reporting is required.
*Min. Solvency Margin: RM7.5 million or 20% of net premium income of the preceding year, whichever is greater
Paid up Capital: RM7.5million RM50,000
Reinsurance ·A Labuan reinsurance business is defined as an insurance business whereby the reinsurer assumes a part of the liability under an original contract of insurance of another insurer or reinsurer. A Labuan reinsurer may be conduction either a general or life reinsurance business.
Min. Solvency Margin: RM7.5 million or 20% of net premium income of the preceding year, whichever is greater
Paid up Capital: RM7.5million
Captive
Insurance
Single/Multiple Owners
A Labuan captive business is defined as an insurance business where the insured is a related corporation or an associated corporation of the Labuan insurer or where the insured is any other person in respect of whom the Labuan insurer is authorized by Labuan FSA to provide insurance or reinsurance.
*Min. Solvency Margin: RM 300,000 or 20% of net premium income of the preceding year or 3% of the actuarial valuation of liabilities for life insurance, whichever is greater
Paid up Capital: RM300,000 RM10,000
Master Rent-A-Captive * Min. Solvency Margin: RM 500,000 or 20% of net premium income of the preceding year or 3% of the actuarial valuation of liabilities for life insurance, whichever is greater Paid up Capital: RM500,000 RM13,000
Insurance Underwriter Manager * A person who is licensed to provide underwriting services, including administration of the Labuan insurers
* Min. Solvency Margin: Not Applicable
Paid up Capital: RM300,000 RM20,000
Insurance
Manager
* 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.
*Min. Solvency Margin: Not applicable
Paid up Capital: RM300,000 RM20,000
Insurance
Broker
* A person who 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.
* Labuan insurance broker may carry out 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 broker for direct Malaysian risks.
* Min.Solvency Margin: Not Applicable
Paid up Capital: RM300,000 RM20,000

Find out application information of each license category for your better understanding


Labuan General Insurance License

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Labuan Life / Re-Insurance License

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Labuan Captive Insurance License

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Labuan Underwriting Manager License

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Labuan Insurance Manager License

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Labuan Insurance Broker License

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