Guide to Set Up Labuan Underwriting Manager Business
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.
This article aims to show you an in depth Guide to Set Up Labuan Underwriting Manager Business!
Licensing and Operational Requirements for Labuan Underwriting Manager:
- Maintain minimum paid-up capital or working funds of RM300,000 or its equivalent in any foreign currency.
- Must be a member of the Labuan International Insurance Association.
- Must provide a letter of guarantee or undertaking from the parent company to Labuan FSA (if applicable)
- Establish an operational office in Labuan managed by a management team of a minimum 4 staff and annual spending of minimum RM100,000
- Appointment of any person in control, director or principal officer (PO) must obtain prior approval from Labuan FSA. However, Labuan underwriting managers that are established as a branch are not required to obtain approval on the appointment of their directors.
- The person in control, director and PO must be fit and proper persons and shall not be subject to any adverse report from any reliable sources.
- Comply with yearly corporate tax filing withLabuan Inland Revenue and Labuan FSA with an audited report.
Annual Fee for Labuan Underwriting Insurance Manager License:
The initial license fee is payable to Labuan FSA upon approval of the license may not be of a full year. Thereafter, a yearly license fee is USD 6500 payable by 15th Jan, in addition to annual maintenance fees of the company payable to the company secretary.
The approval timeline for Labuan Underwriting Insurance License is approx 30 to 45days.
We provide one-stop application solution for Labuan Underwriting Insurance Manager License includes:
- Consultation of your eligibility and procedures based on your profile
- Profiling, due diligence and guidance on documents preparation
- Preparation of Business Plan and Financial Forecast, AMLA and KYC Framework
- Submission and supervise the application process
- Act as your liaison and contact point with Labuan FSA for all correspondence and arrange an interview (if any)
- Track the license approval and attend all queries from Labuan FSA
WHY Our Trust Company for Your LABUAN SET UP?
We are a fully licensed Labuan trust company (License No. LT 0034) with a highly experienced team of dedicated professionals handle all license applications. We provide complete “one-stop” solutions in pre-assess, meet, planning, structuring, establishment and corporate service for your Labuan Insurance Business, ensuring you get a bespoke service that meets your insurance business needs as well as onwards operation.
Feel free to call us at +603-2783 9191 (Labuan Division) if you are in Kuala Lumpur for an appointment to find out more about how to start a Labuan Underwriting Manager business which you can own 100%! Feel free to drop us your inquiry form today! Our One Labuan Platform easy to elevate your Labuan operation efficiently!
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