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 Act 2010.
Labuan insurance broker means 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, Labuan insurance brokers may carry on financial planning activities. Labuan insurance broker company is prohibited from dealing with residents (except for high net-worth individuals, reinsurance and others as defined by The Authority 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.