Labuan Financial Services and Securities Act 2010 s 114
s 114 Restrictions on and duties of Labuan insurance manager, Labuan underwriting manager and Labuan insurance broker
(1) No licensed Labuan insurance manager shall provide any services other than administrative services and no licensed Labuan underwriting manager shall provide any services other than underwriting services.
(2) No licensed Labuan underwriting manager shall provide underwriting services in or from Labuan to any person not licensed under this Act or to any business carried on by an insurer registered under the Insurance Act 1996 or by a takaful operator registered under the Takaful Act 1984.
(3) No licensed Labuan insurance broker shall act as a broker in respect of domestic insurance business, but a licensed Labuan insurance broker may handle the reinsurance of domestic insurance business, including the reinsurance of domestic insurance business transacted in the Malaysian currency.
(4) Every licensed Labuan insurance manager or licensed Labuan underwriting manager who acts on behalf of a Labuan insurer shall maintain its own funds separate from the funds of the Labuan insurer and shall not apply the funds of such Labuan insurer to meet any of its expenses or liabilities other than in respect of the Labuan insurance business.
Malay text (authoritative)
Sekatan terhadap dan kewajipan pengurus insurans Labuan, pengurus pengunderaitan Labuan dan broker insurans Labuan
(1) Tiada pengurus insurans Labuan berlesen boleh memberikan apa-apa khidmat selain khidmat pentadbiran dan tiada pengurus pengunderaitan Labuan berlesen boleh memberikan apa-apa khidmat selain khidmat pengunderaitan.
(2) Tiada pengurus pengunderaitan Labuan berlesen boleh memberikan khidmat pengunderaitan dalam atau dari Labuan kepada mana-mana orang yang tidak dilesenkan di bawah Akta ini atau kepada mana-mana perniagaan yang dijalankan oleh penanggung insurans yang didaftarkan di bawah Akta Insurans 1996 atau oleh pengendali takaful yang didaftarkan di bawah Akta Takaful 1984.
(3) Tiada broker insurans Labuan berlesen boleh bertindak sebagai broker berkenaan dengan perniagaan insurans domestik, tetapi broker insurans Labuan berlesen boleh mengendalikan insurans semula perniagaan insurans domestik, termasuk insurans semula perniagaan insurans domestik yang diurusniagakan dalam mata wang Malaysia.
(4) Tiap-tiap pengurus insurans Labuan berlesen atau pengurus pengunderaitan Labuan berlesen yang bertindak bagi pihak penanggung insurans Labuan hendaklah menyenggarakan wangnya berasingan daripada wang penanggung insurans Labuan itu dan tidak boleh menggunakan wang penanggung insurans Labuan itu untuk menjelaskan apa-apa perbelanjaan atau liabilitinya selain berkenaan dengan perniagaan insurans Labuan itu.
Read this section in the full act β Β· Open Division 3 β
Find Act 704 on lom.agc.gov.my β
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).
