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Labuan Insurance Business

A Labuan insurance business is defined as an insurance business that is transacted in foreign currency and includes general, life, reinsurance, Labuan takaful and retakaful windows and captive insurance.

Labuan General Insurance Business

A Labuan general insurance business is defined as an insurance business which is not life insurance but includes accident, medical, surgical and hospital expenses insurance.

1. Applicant must maintain a minimum paid-up capital or working funds with a bank in Labuan amounting to RM7.5 million or its equivalent in any foreign currency.

2. Applicant must be a member of the Labuan International Insurance Association.

3. Applicant must provide a letter of guarantee or undertaking from the parent company to Labuan FSA.

4. Applicant for a licence to carry on a general insurance business in Labuan must:

  • establish an operational management office in Labuan managed by a management team that has adequate knowledge and expertise in the insurance business; or
  • appoint a licensed Labuan underwriting manager.

5. Appointment of any person in control, director or principal officer (PO) of a Labuan general insurer must obtain prior approval from Labuan FSA. Notwithstanding, Labuan general insurers that are established as a branch are not required to obtain approval on the appointment of their directors.

6. The person in control, director and PO of a Labuan general insurer must be fit and proper persons and shall not be subject of any adverse report from any reliable sources.

All licensees are required to pay to Labuan FSA annual licence fees on or before 15 January of each year:
Type of Licence
Licence Fee
General Insurer
USD15,000
If any of the above insurance licensees uses a protected cell company (PCC) structure, the annual fee would be as follows irrespective of the type of licence:
PCC Structure
Licence Fee
Core
USD9,500
Each Cell
USD3,000

Labuan Life Insurance Business

A Labuan life insurance business is defined as an insurance 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 of cover and reinsurance of such business.

1. Applicant must maintain a minimum paid-up capital or working funds with a bank in Labuan amounting to RM7.5 million or its equivalent in any foreign currency.

2. Applicant must be a member of the Labuan International Insurance Association.

3. Applicant must provide a letter of guarantee or undertaking from the parent company to Labuan FSA.

4. Applicant for a licence to carry on a general insurance business in Labuan must:

  • establish an operational management office in Labuan managed by a management team that has adequate knowledge and expertise in the insurance business; or
  • appoint a licensed Labuan underwriting manager.

5. Appointment of any person in control, director or principal officer (PO) of a Labuan general insurer must obtain prior approval from Labuan FSA. Notwithstanding, Labuan general insurers that are established as a branch are not required to obtain approval on the appointment of their directors.

6. The person in control, director and PO of a Labuan general insurer must be fit and proper persons and shall not be subject of any adverse report from any reliable sources.

All licensees are required to pay to Labuan FSA annual licence fees on or before 15 January of each year:
Type of Licence
Licence Fee
Annual Fee
USD15,000
If any of the above insurance licensees uses a protected cell company (PCC) structure, the annual fee would be as follows irrespective of the type of licence:
PCC Structure
Licence Fee
Core
USD9,500
Each Cell
USD3,000

Labuan Reinsurance Business

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 conducting either a general or life reinsurance business.

Licensing & Operational Requirements

1. Applicant must maintain a minimum paid-up capital or working funds with a bank in Labuan amounting to RM7.5 million or its equivalent in any foreign currency.

2. Applicant must be a member of the Labuan International Insurance Association.

3. Applicant must provide a letter of guarantee or undertaking from the parent company to Labuan FSA.

4. Applicant for a licence to carry on a general insurance business in Labuan must:

  • establish an operational management office in Labuan managed by a management team that has adequate knowledge and expertise in the insurance business; or
  • appoint a licensed Labuan underwriting manager.

5. Appointment of any person in control, director or principal officer (PO) of a Labuan general insurer must obtain prior approval from Labuan FSA. Notwithstanding, Labuan general insurers that are established as a branch are not required to obtain approval on the appointment of their directors.

6. The person in control, director and PO of a Labuan general insurer must be fit and proper persons and shall not be subject of any adverse report from any reliable sources.

Labuan Takaful and Retakaful Windows

The setting up of takaful or retakaful windows do not require a separate licence and there is also no additional licence fee involved. Applications made by applicants of existing licensees under the Labuan Islamic Financial Services and Securities (Amendment) Act 2022 (Act A1655) to set up takaful or retakaful windows will be considered by Labuan FSA based on the following submissions:

  • Certified true copy of board resolution pertaining to the proposed establishment of takaful or retakaful window;
  • Business plan;
  • Three years’ financial projections for the takaful or retakaful activities; and
  • Information on its own internal Shariah Advisory Board (SAB).

Labuan Captive Business

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 authorised by Labuan FSA to provide insurance or reinsurance.
Applicant must maintain a minimum paid-up capital or working fund amounting to a specified amount in any foreign currency with a bank in Labuan in accordance with the type of captive licence as follows:
Paid-Up Capital / Working Funds
Amount (RM)
Pure/Single Captive
300,000
Group Captive/Association Captive
300,000
Multi-owner Captive
300,000
Master Rent-a-Captive
500,000
Subsidiary Rent-a-Captive
500,000
Cell Captive
500,000

1. Applicant must be a member of the Labuan International Insurance Association.

2. Applicant for a licence to carry on a captive business in Labuan must:

  • establish an operational management office in Labuan managed by a management team that has adequate knowledge and expertise in the insurance business; or
  • appoint a licensed Labuan underwriting manager.

3. Appointment of any person in control, director or principal officer (PO) of a Labuan captive insurer must obtain prior approval from Labuan FSA.

4. The person in control, director and PO of a Labuan captive insurer must be fit and proper persons and shall not be subject of any adverse report from any reliable sources.

All licensees are required to pay to Labuan FSA annual licence fees on or before 15 January of each year:
Annual Fees
Amount
Pure/Single Captive
USD3,000
Group Captive/Association Captive
USD3,000
Master Rent-a-Captive
USD4,000
Subsidiary Rent-a-Captive
USD1,000
PCC Captive (Core)
USD9,500
PCC Captive (Cell)
USD3,000
Multi-owner Captive
USD3,000

List of Labuan Insurance & Insurance-Related Entities

List of Labuan Partnerships

A
B - C
D - G
H - K
L - P
Q - T
U - Z
0 - 9
  • STRATEGY COORDINATION AND SUPPORT GROUP LIMITED PARTNERSHIP
  • TAEL TIJARI L.P
  • TAP HARIMAU FUND L.P.
  • THE CASTANEA LIMITED PARTNERSHIP
  • THE CHANDOS LIMITED PARTNERSHIP
  • THE CL LIMITED PARTNERSHIP
  • THE EMERALD LIMITED PARTNERSHIP
  • THE LASH LIMITED PARTNERSHIP
  • THE OPAL LIMITED PARTNERSHIP
  • THE PACIFIC PLACE LIMITED PARTNERSHIP
  • THE RIDDICK-AHN LIMITED PARTNERSHIP
  • THE TAN LIMITED PARTNERSHIP
  • THE TRUE MASTER INVESTMENT LIMITED PARTNERSHIP
  • THE UNITY LIMITED PARTNERSHIP
  • THE WINTEC LIMITED PARTNERSHIP
  • TY TEOH INTERNATIONAL (LABUAN) LLP
  • ZICO (LABUAN) LLP

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Qatar Financial Centre

Qatar Financial Centre (QFC) is an onshore business and financial centre located in Doha. QFC offers its own legal, regulatory, tax and business environment.

Its business-friendly ecosystem operates in line with international best practice. As such, QFC is governed by the following four independent bodies – Qatar Financial Centre, Qatar Financial Centre Regulatory Authority as well as the Qatar International Court and Dispute Resolution Centre.

QFC Authority signed a Memorandum of Understanding with Labuan IBFC Inc. (23rd May 2023 – 22nd May 2026) to foster mutual understanding and facilitate common projects to market/develop both financial centres.

To know more about QFC, visit here.

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The Indonesian Chamber of Commerce and Industry (KADIN, West Java)

Kamar Dagang dan Industri Indonesia (KADIN) is an association comprising business organisations in Indonesia and is responsible for ensuring all trade and industry relating to Indonesia is carried out in a systematic and organised manner that benefits all parties involved.

KADIN consists of entrepreneurs and a combination of national businesses from various sectors, both privately-owned enterprises, cooperatives, SMEs, as well as government-owned enterprises.

KADIN, West Java signed a Memorandum of Understanding with Labuan IBFC Inc. (16th Sept 2022 – 15th Sept 2027) to market and facilitate new business set up in both Indonesia and Labuan IBFC.

For more information on KADIN, West Java, visit here.

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Indonesian Exporters Association

The Indonesia Exporters Association (IEA) is a non-profit organization comprising exporters as well as institutions and departments related to export functions, including taxes and ports. The organization’s main function is to increase the country’s overall exports.

IEA offers networking services on multiple fronts, including transportation, logistics, producers/manufacturers as well as banking, funding, and restitution services to its members.

IEA signed a Memorandum of Understanding with Labuan IBFC Inc. (29th Nov 2022 – 28th Nov 2027) to market and facilitate the setup of new businesses in both Indonesia and Labuan IBFC.

For more information about IEA, visit here.

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Council of Rector of Indonesia State University (CRISU)

The Council of Rector of Indonesia State University (CRISU) is a council formed by the rectors and directors of various universities and polytechnics in Indonesia.

CRISU signed a Memorandum of Understanding with Labuan IBFC Inc. (27th March 2024 – 26th March 2025) to facilitate the placement of Indonesian university students for internship purposes in Labuan IBFC businesses, subject to acceptance by the relevant Labuan entities.

Doreen Fadli
Head of Business Policy, Labuan FSA

Doreen is the Head of Business Policy at Labuan FSA. She is responsible for the formulation of developmental policies to promote businesses in Labuan IBFC. She is also on the insurance and risk assessment task forces at the authority. Prior to joining the business policy unit, she was head of the licensing department there.

Doreen is an Associate Member of The Malaysian Insurance Institute and Member of the Asian Institute of Chartered Bankers. She holds an MBA from Universiti Malaysia Sabah and a Bachelor of Accountancy with Honours from Universiti Teknologi Mara. She also holds certificates in AML/CFT and a Diploma in MII.

Nor Rashidi Mohammad

Chairman, Association of Labuan Banks
General Manager and Chief Executive Officer, Maybank International Labuan

Datuk Iskandar is the Deputy Director General of Labuan Financial Services Authority (Labuan FSA). He is currently serving as the Executive Chairman cum CEO of Labuan IBFC Inc. 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 current role a wealth of related knowledge and experience and leads a dedicated and professional team in Labuan IBFC Inc. that is focused on driving strategic business initiatives to further develop Labuan IBFC.

The appointment of Datuk Iskandar reflects the continuous 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

Dato’ Howard Choo

Chairman, Labuan Investment Bank Group
Managing Director and Chief Executive Officer, IBH Investment Bank Limited

Dato’ Howard Choo is a financial services expert with over 35 years of experience in local and international banking. He is the former Executive Director of DBS Thai Danu Bank Thailand and MD, DBS Bank Singapore. Ex Vice-Chairman Singapore-Thai Chamber of Commerce and former Member of Executive Decision Panel, Bank of Thailand. He was an Adviser to University Malaysia Sabah (UMS) and University Malaysia Sarawak (UNIMAS) in International Business. He was Adviser to Persatuan Usahawan Muda Malaysia (PUMM) and Former Council member of MCA SME Development Bureau. He has been active with BNM since the 1990s in human resource knowledge enhancement activities.

An MBA (University of Wales and Manchester Business School) and a Fellow Member of Institute of Public Accountants, Australia (FIPA), Dato’ Howard Choo was also an Associate Member of the Institute of Chartered Secretaries and Administrators (ACIS). He was also a trainer for South East Asia Central Bank Training Centre (SEACEN) and author of several books on Banking and Finance. He was a tutor for Wawasan Open University in International Financial Management and Corporate Finance. Currently, he assumes the role of Education Committee Member of Asian Institute of Chartered Bankers (AICB), Implementation Task Force Member of Asian Banking School (ABS), Council member of the AICB and Chairman of the Board of Examiners. He is also the current Chairman of Labuan Investment Banks Group (LIBG). He is also a Fellow Chartered Banker and a professionally Certified AML/CFT person. He is also the examiner for Advance Corporate Finance for ICIA. He held the office of former President, Malaysia-Vietnam Chamber of Commerce.

Gerard Roy Suresh Sharma

Chairman, Labuan International Insurance Association
Managing Director and Principal Officer, Asia Reinsurance Brokers (Labuan) Ltd

G Roy S 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 a sought after speaker in his area of specialization. He has presented a variety of papers in many conferences and conducted many training seminars for insurance companies and insurance buyers around the region.

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.

Datuk Chin Chee Kee
Chairman, Association of Labuan Trust Companies Executive Chairman, Noblehouse International Trust Ltd.

Datuk Chin Chee Kee is currently the Executive Chairman of Noblehouse International Trust Ltd. And Managing Partner of CK Chin PLT, Chartered Accountants.

He is a member of the Malaysian Institute of Accountants, CA (M), a fellow of The Association of Chartered Certified Accountants, United Kingdom, – (FCCA), a Fellow of the Chartered Tax Institute of Malaysia (FCTIM), an Associate Fellow of Asian Institute of Chartered Bankers (Associate Fellow AICB), a member of the International Tax Planning Association (ITPA) and a Registered Trust and Estate Practitioner (TEP).

He is also the Chairman of the Association of Labuan Trust Companies and a director of Labuan IBFC Inc. Sdn Bhd. He was appointed a Justice of the Peace by the Governor of Sabah on September 16, 1997.

He also practices as an approved company auditor and an approved tax agent in the accounting firm of CK Chin PLT in Malaysia since 1987.

He has 35 years of experience in cross border tax planning and has been involved in the offshore trust industry and corporate secretarial work for the past 30 years.

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 as the Executive Chairman cum CEO of Labuan IBFC Inc. 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 current role a wealth of related knowledge and experience and leads a dedicated and professional team in Labuan IBFC Inc. that is focused on driving strategic business initiatives to further develop Labuan IBFC.

The appointment of Datuk Iskandar reflects the continuous 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.