Labuan Financial Services and Securities Act 2010 s 102
Labuan Financial Services and Securities Act 2010 s 102
s 102 Licensing of Labuan insurance business and Labuan insurance- related activities
(1) No person shall carry on or transact or hold himself out as carrying on or transacting any Labuan insurance business unless that person is—
(a) a Labuan company;
(b) a foreign Labuan company; or
(c) a branch of a Malaysian insurer,
and holds a valid insurance licence.
(2) No person shall carry on or transact or hold himself out as carrying on or transacting any business as a Labuan insurance manager, Labuan underwriting manager or Labuan insurance broker or any other Labuan insurance-related activities as may be specified by the Authority unless that person holds a valid insurance licence.
(3) Except with the prior written approval of the Authority, a person who is not an insurance licensee shall not assume or use the words “Labuan insurer”, “Labuan insurance manager”, “Labuan underwriting manager”, “Labuan insurance broker” or any derivative of such words in any language capable of being construed as indicating the carrying on of Labuan insurance business or Labuan insurance-related activities by such person.
(4) This section shall not apply to bank licensees as defined in Part VI, distributing the insurance products of a Labuan insurer subject to the prior written approval of the Authority.
Malay text (authoritative)
Pelesenan perniagaan insurans Labuan dan aktiviti berkaitan insurans Labuan
(1) Ti a d a s e o r a n g p u n b o l e h m e n j a l a n k a n a t a u mengurusniagakan atau mengemukakan dirinya sebagai menjalankan atau mengurusniagakan apa-apa perniagaan insurans Labuan melainkan jika orang itu ialah—
(a) syarikat Labuan;
(b) syarikat Labuan asing; atau
(c) cawangan suatu penanggung insurans Malaysia,
dan memegang lesen insurans yang sah.
(2) Tiada seorang pun boleh menjalankan atau mengurusniagakan atau mengemukakan dirinya sebagai menjalankan atau mengurusniagakan apa-apa perniagaan sebagai pengurus insurans Labuan, pengurus pengunderaitan Labuan atau broker insurans Labuan atau mana-mana aktiviti berkaitan insurans Labuan yang lain melainkan jika orang itu memegang lesen insurans yang sah.
(3) Kecuali dengan kelulusan bertulis daripada Lembaga terlebih dahulu, seseorang yang bukan pemegang lesen insurans tidak boleh memakai atau menggunakan perkataan “penanggung insurans Labuan”, “pengurus insurans Labuan”, “pengurus pengunderaitan Labuan”, “broker insurans Labuan” atau apa-apa terbitan daripada perkataan itu dalam apa-apa bahasa yang boleh ditafsirkan sebagai menunjukkan orang itu menjalankan perniagaan insurans Labuan atau aktiviti berkaitan insurans Labuan.
(4) Seksyen ini tidaklah terpakai bagi pemegang lesen bank sebagaimana yang ditakrifkan dalam Bahagian VI, yang mengagihkan produk insurans bagi penanggung insurans Labuan tertakluk kepada kelulusan bertulis daripada Lembaga terlebih dahulu.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
