s 104 Application for insurance licence to carry on Labuan insurance- related activities
(1) Every applicant for an insurance licence to carry on business as a Labuan insurance manager, Labuan underwriting manager or Labuan insurance broker shall satisfy the Authority that— (a) the person in control, director and principal officer of the applicant are fit and proper persons; (b) the applicant is able to maintain sufficient funds in its business to cover its expenses of operations and management in Labuan for at least six months; (c) in respect of an applicant for an insurance licence to carry on the business of a Labuan insurance manager or Labuan underwriting manager— (i) the applicant has established, or undertakes to establish, its management in Labuan with adequate knowledge and expertise of the Labuan insurance business to be carried on; or (ii) the applicant has appointed, or undertakes to appoint, a licensed Labuan insurance manager or Labuan underwriting manager in Labuan with adequate knowledge and experience of the Labuan insurance business to be carried on; (d) in respect of an applicant for an insurance licence to carry on business as a Labuan insurance broker— (i) the applicant has established, or undertakes to establish, its management in Labuan with adequate knowledge and expertise of the Labuan insurance business to be carried on; or (ii) the applicant has appointed, or undertakes to appoint, a licensed Labuan insurance manager in Labuan with adequate knowledge and experience of the Labuan insurance business to be carried on; (e) the applicant either has obtained or undertakes to obtain any professional indemnity insurance policy of not less than two million and five hundred thousand ringgit or its equivalent in any foreign currency or such other amount or denomination as may be specified by the Authority, and remain indemnified under such policy throughout its operation in Labuan; (f) the applicant holds such qualification as may be specified by the Authority; and (g) the applicant undertakes to become a member of an association of Labuan insurers. (2) Every application for a licence to carry on business as a Labuan insurance manager, Labuan underwriting manager or Labuan insurance broker shall— (a) be made in writing and be submitted to the Authority; (b) state the nature of the business to be carried on under the insurance licence; and (c) be accompanied by— (i) a copy of— (aa) the applicant’s constituent documents, duly authenticated by a director or officer of the applicant; (bb) the resolutions of the board and the general meeting, if any, of the applicant, duly authenticated by a director or officer of the applicant, authorising the applicant to apply for an insurance licence; (cc) the applicant’s certificate of incorporation or registration, as the case may be, certified by the relevant registering authority in the place of establishment or origin of the applicant; and (dd) a letter of awareness from the applicant’s home supervisory authority or such authority as may be specified by the Authority; (ii) a copy of the applicant’s audited annual accounts for the three consecutive years immediately preceding the application, where applicable; (iii) a statement on— (aa) the name, place and date of establishment of the applicant; (bb) the names, addresses, qualifications and experience of the directors and officers responsible for the overall management of the affairs of the applicant; and (cc) the name and address of each member who holds fifteen per centum or more of the voting shares of the applicant; (iv) a declaration by the applicant on the probity of the applicant’s directors and officers who would be concerned in the management of the proposed Labuan insurance manager, the proposed Labuan underwriting manager or the proposed Labuan insurance broker, as the case may be; (v) in the case of an application by a Labuan company, a guarantee secured and an undertaking given, and, in the case of an application by a foreign Labuan company or a branch of a Malaysian insurer, an undertaking given, by the applicant in respect of the business of a Labuan insurance manager, Labuan underwriting manager or Labuan insurance broker, as the case may be, in such manner and such form as may be acceptable to the Authority, and such guarantee and undertaking shall provide, inter alia, that– (aa) the applicant shall comply with the financial obligations and requirements imposed under this Act and shall meet the applicant’s liabilities in respect of the business of a Labuan insurance manager, Labuan underwriting manager or Labuan insurance broker, as the case may be; (bb) where the applicant is a Labuan company, no participant of the applicant who holds ten per centum or more of the paid-up capital of the applicant shall be changed without the prior written approval of the Authority and, where the applicant is a foreign Labuan company, that it shall promptly notify the Authority of any change in its participants who hold ten per centum or more of its paid-up capital; and (cc) every director or the principal officer of the applicant responsible for the management of the business of a Labuan insurance manager, Labuan underwriting manager or Labuan insurance broker, as the case may be, shall be a fit and proper person and the appointment of such director or principal officer shall only be made after consultation with the Authority. (3) The Authority may require from the applicant such other information or documents as may be specified by the Authority for the purpose of determining the application. (4) The matters specified under subsection (3) may differ as between applicants, or different classes, categories or descriptions of applicants as may be determined by the Authority.