Labuan Financial Services and Securities Act 2010 s 113
s 113 Restriction on business by Labuan insurer
(1) No Labuan insurer shall carry on any business activities in Labuan or elsewhere from its office in Labuan other than its Labuan insurance business or business activities in connection with or for the purposes of such Labuan insurance business.
(2) Notwithstanding the definition of “Labuan insurance business” and notwithstanding subsection (1), a Labuan insurer may carry on the reinsurance of domestic insurance business, including the reinsurance of domestic insurance business transacted in the Malaysian currency and such other business as may be specified by the Authority.
(3) No Labuan insurer shall act on behalf of another Labuan insurer as a Labuan insurance manager or Labuan underwriting manager unless such first-mentioned Labuan insurer has been granted an insurance licence to carry on business as Labuan insurance manager or Labuan underwriting manager, as the case may be.
Malay text (authoritative)
Sekatan terhadap perniagaan oleh penanggung insurans Labuan
(1) Tiada penanggung insurans Labuan boleh menjalankan apa-apa aktiviti perniagaan di Labuan atau di tempat lain dari pejabatnya di Labuan selain perniagaan insurans Labuannya atau aktiviti perniagaan yang berkaitan dengan atau bagi maksud perniagaan insurans Labuan sedemikian.
(2) Walau apa pun takrif “perniagaan insurans Labuan” dan walau apa pun subseksyen (1), sesuatu penanggung insurans Labuan boleh menjalankan insurans semula perniagaan insurans domestik, termasuk insurans semula perniagaan insurans domestik yang diurusniagakan dalam mata wang Malaysia dan apa-apa perniagaan lain yang ditentukan oleh Lembaga.
(3) Tiada penanggung insurans Labuan boleh bertindak bagi pihak penanggung insurans Labuan yang lain sebagai pengurus insurans Labuan atau pengurus pengunderaitan Labuan melainkan jika penanggung insurans yang mula-mula disebut itu telah diberi suatu lesen insurans untuk menjalankan perniagaan sebagai pengurus insurans Labuan atau pengurus pengunderaitan Labuan, mengikut mana-mana yang berkenaan.
Read this section in the full act → · Open Division 3 →
Find Act 704 on lom.agc.gov.my ↗
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).
