Labuan underwriting manager means a person who is licensed to provide underwriting services, including the administration of the business, to one or more Labuan insurers.

Licensing and Operational Requirement

  • Applicant must maintain a minimum paid up capital or working fund with a bank in Labuan amounting to RM300,000 equivalent in any foreign currency
  • Applicant must be a member of Labuan International Insurance Association
  • Applicant must provide a Letter of guarantee or undertaking from the parent company to The Authority
  • Applicant for licence to carry on insurance manager or underwriting manager business in Labuan must
    • Have an operational management office in Labuan managed by a management team that has an adequate knowledge and expertise in insurance business
    • Appoint a licensed Labuan underwriting manager
  • Appointment of any person in control, director, or Principal Officer (PO) of a Labuan underwriting manager must obtain prior approval from The Authority
  • The person in control, director and PO of a Labuan underwriting manager must be of fit and proper persons and shall not be subject of any adverse report from any reliable sources

Governing Legislation

The insurance activities are governed by Section 104 of the Labuan Financial Services and Securities Act 2010.

Annual Fee RM10,000