Labuan Financial Services and Securities Act 2010 s 105
Labuan Financial Services and Securities Act 2010 s 105
s 105 Grant of insurance licence
(1) Upon receiving an application for an insurance licence, the Authority may approve the application, with or without conditions, or reject the application.
(2) Where the Authority rejects the application, the Authority shall notify the applicant in writing of the rejection.
(3) Where the Authority approves the insurance licence under subsection (1), the Authority shall issue the insurance licence to the applicant.
(4) The Authority may specify in the insurance licence the type of activities the insurance licensee may carry on.
(5) An applicant who is aggrieved by the decision of the Authority under subsection (1) to reject his application, may within thirty days of the decision being notified to him, appeal to the Minister in writing.
(6) An insurance licensee shall comply with any conditions imposed under a license granted under subsection (1) for the duration of the license.
(7) A licence granted under this section shall remain in force until it is surrendered or revoked in accordance with this Act.
(8) The Authority may, upon consultation with the Minister, by written notice to the insurance licensee vary the existing terms and conditions or impose such additional terms and conditions, in respect of an insurance licence, from time to time as it deems fit.
Malay text (authoritative)
Pemberian lesen insurans
(1) Apabila diterima permohonan bagi lesen insurans, Lembaga boleh meluluskan permohonan itu, dengan atau tanpa syarat, atau menolak permohonan itu.
(2) Jika Lembaga menolak permohonan itu, Lembaga hendaklah memberitahu pemohon secara bertulis mengenai penolakan itu.
(3) Jika Lembaga meluluskan lesen insurans itu di bawah subseksyen (1), Lembaga hendaklah mengeluarkan lesen insurans kepada pemohon.
(4) Lembaga boleh menentukan jenis aktiviti yang boleh dijalankan oleh pemegang lesen insurans dalam lesen insurans itu.
(5) Seorang pemohon yang terkilan dengan keputusan Lembaga di bawah subseksyen (1) untuk menolak permohonannya, boleh dalam tempoh tiga puluh hari selepas keputusan itu diberitahu kepadanya, merayu kepada Menteri secara bertulis.
(6) Pemegang lesen insurans hendaklah mematuhi apa-apa syarat yang dikenakan di bawah lesen yang diberikan di bawah subseksyen (1) selama tempoh lesen itu berkuat kuasa.
(7) Lesen yang diberikan di bawah seksyen ini hendaklah terus berkuat kuasa sehingga lesen itu diserahkan balik atau dibatalkan mengikut Akta ini.
(8) Lembaga boleh, selepas berunding dengan Menteri, melalui notis bertulis kepada pemegang lesen insurans itu mengubah terma dan syarat yang sedia ada atau mengenakan apa-apa terma dan syarat tambahan, berkenaan dengan suatu lesen insurans, dari semasa ke semasa sebagaimana yang difikirkannya patut.
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).
