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Labuan Captive Labuan captive business means Labuan insurance business where the insured is a related corporation or associate corporation of the Labuan insurer or where the insured is any other person in respect of whom the Labuan insurer is authorized by Labuan FSA to provide insurance or reinsurance. Licensing and Operational Requirements - Applicant must maintain a minimum paid up capital or working fund amounting to a specified amount in any foreign currency with a bank in Labuan in accordance to type of captive licence as follows:-
| Paid up capital / Working Fund | Amount (RM) | | Pure/Single Captive | 300,000 | | Group Captive/Association Captive | 300,000 | | Multi owner captive | 300,000 | | Master Rent-A-Captive | 500,000 | | Subsidiary Rent-A-Captive | 500,000 | | Cell Captive | 500,000 | - Applicant must be a member of Labuan International Insurance Association.
- Applicant for licence to carry on captive business in Labuan must ensure the following:
(i) Establish an operational management office in Labuan managed by a management team that has an adequate
knowledge and expertise in insurance business; or
(ii) Appoint a licensed Labuan underwriting manager. - Appointment of any person in control, director, or Principal Officer (PO) of a Labuan captive insurer must obtain prior approval from Labuan FSA.
- The person in control, director and PO of a Labuan captive insurer must be of fit and proper persons and shall not be subject of any adverse report from any reliable sources.
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| Fees | Annual Fees | Amount | | Pure/Single Captive | RM10,000 | USD3,000 | | Group Captive/Association Captive | RM10,000 | USD3,000 | | Master Rent-A-Captive | RM13,000 | USD4,000 | | Subsidiary Rent-A-Captive | RM3,000 | USD1,000 | | PCC Captive(Core) | RM30,000 | USD9,500 | | PCC Captive(Cell) | RM10,000 | USD3,000 | | Multi owner captive | RM10,000 | USD3,000 | |
