Unlike setting up an insurance business in a regular location, Labuan is an entirely different prospect. So, thoroughly understanding the requirements is crucial, particularly to establish an insurance and reinsurance company. In the final part of this series, we will delve a little deeper into the action plans to ensure you have everything in place to successfully begin your operations in the Labuan International and Business Financial Centre (Labuan IBFC). [...]

Armed with some basics on key compliance and legal framework factors to establishing an insurance and reinsurance business in Labuan, it’s important to be remember that Labuan is a well-regulated and cost-efficient jurisdiction to facilitate cross-border transactions. With transactions, and investments, come the currency of choice for operations. [...]

In the first part of the series, we briefly illustrated the growth potential of the insurance and reinsurance business in Labuan and how you can benefit from the special advantages of doing business in the Labuan International Business and Financial Centre (Labuan IBFC). There are, however, several compliance factors and legal provisions that you need to take into account leading up to establishing your insurance and reinsurance company. [...]

The growth of the Captive Insurance market has often dominated the insurance scene in Labuan and this trend is expected to continue with Labuan IBFC firmly focused on strengthening its presence in Asia’s Captive market. But the ascendency of the insurance and reinsurance business has relatively flown under the radar. [...]