Labuan insurance business means insurance business transacted in foreign currency and it includes life, general, reinsurance and captive insurance but does not include domestic insurance business. Labuan insurance may carry on reinsurance of domestic insurance business, in Malaysia currency and such other business as may specified by The Authority. The activities are governed by the Labuan Financial Services and Securities Act 2010.
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
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.
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.