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Insurance and Underwriting Managers |
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Wednesday, 15 June 2011 07:22
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A Labuan insurance manager means a person who is licensed to provide management or administration services related to Labuan insurance business and a Labuan underwriting manager means a person, not being a bona fide employee, licensed to provide underwriting services, including the administration of the business, to one or more Labuan insurers.
All Labuan Insurance Managers are governed by Labuan Financial Services and Securities Act 2010, specifically provision in Sections 102 to 116.
Key requirements to set up as a Labuan Insurance Manager:
- Establish a management office in Labuan, however a marketing office in Kuala Lumpur may be set up to facilitate meetings and business dealing with clients.
- The number of staff in the marketing office must balance the number of staff in the Management Office in Labuan, and
- The person in control, director and principal officer must be a fit and proper person as described by Guidelines issued by Labuan FSA.
- Capitalisation/working funds required for an insurance and underwriting manager is MYR 300,000.00.
- The applicant must submit a banker’s certificate as evidence that working funds are maintained in the account of the applicant, with a bank in Labuan; however, the applicant may apply for flexibility to pay up less than 100% of the working funds required, subject to the provision of adequate guarantee, acceptable to Labuan FSA, for the difference in amount.
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Last Updated on Friday, 30 March 2012 01:32
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