Labuan Financial Services and Securities Act 2010 s 116
s 116 Conduct of business
(1) Every Labuan insurer shall—
(a) conduct its business with due diligence and care in accordance with sound insurance principles;
(b) follow accepted international accounting standards or such other standards as may be approved by the Authority;
(c) register all assets in its name, or in the name of a custodian or nominee for the Labuan insurer where assets are acquired in the name of such custodian or nominee, and in the case of bearer shares, hold them in safe custody; and
(d) indicate clearly on its letterhead, stationery and other documents containing its name that it is licensed under this Act, together with the number of its insurance licence.
(2) No Labuan insurer shall advertise or publish, in any form, information which is untrue or which is likely to mislead another person in relation to the written laws applicable to Labuan insurers and their related businesses and activities or that Labuan insurer’s financial status or insurance or reinsurance plans or any other matter in respect of its Labuan insurance business.
(3) Paragraphs (1)(a) and (d) and subsection (2) shall apply with the necessary modifications to a licensed Labuan insurance manager, licensed Labuan underwriting manager and licensed Labuan insurance broker.
Malay text (authoritative)
Penjalanan perniagaan
(1) Tiap-tiap penanggung insurans Labuan hendaklah—
(a) menjalankan perniagaannya dengan usaha wajar dan cermat mengikut prinsip insurans yang baik;
(b) mengikut standard perakaunan antarabangsa yang diterima umum atau apa-apa standard lain yang diluluskan oleh Lembaga;
(c) mendaftarkan semua aset atas namanya, atau atas nama penjaga atau penama bagi penanggung insurans Labuan jika aset diperoleh atas nama penjaga atau penama itu, dan dalam hal syer pembawa, memegang syer pembawa itu dalam jagaan selamat; dan
(d) menunjukkan dengan jelas pada kepala suratnya, alat tulis dan dokumen lain yang mengandungi namanya bahawa penanggung insurans itu dilesenkan di bawah Akta ini, berserta dengan nombor lesen insuransnya.
(2) Tiada penanggung insurans Labuan boleh mengiklankan atau menyiarkan, dalam apa-apa bentuk, maklumat yang tidak benar atau yang mungkin mengelirukan seorang lain berhubung dengan undang-undang bertulis yang terpakai bagi penanggung insurans Labuan dan perniagaan dan aktiviti berkaitannya atau status kewangan penanggung insurans Labuan itu atau pelan insurans atau insurans semula atau apa-apa perkara lain berkenaan dengan perniagaan insurans Labuannya.
(3) Perenggan (1)(a) dan (d) dan subseksyen (2) hendaklah terpakai dengan ubah suaian yang perlu bagi pengurus insurans Labuan berlesen, pengurus pengunderaitan Labuan berlesen dan broker insurans Labuan berlesen.
PENGGAL 4
PEMBAYARAN WANG POLISI DI BAWAH POLISI NYAWA DAN POLISI KEMALANGAN DIRI
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).
