Labuan
- Year captive legislation was passed
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- Total number of captives as of year-end 2022
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- Total gross premium written and assets under management (AuM) as of year-end 2021
- Gross premium: $1,750,000,000
- Types of captives allowed
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- Single parent captives
- Association captives
- Group captives
- Protected cell/segregated portfolio companies
- Special purpose captives
- Number of full-time employees in captive regulatory department
- 4
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Initial licensing and incorporating fees required by the domicile
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- Annual fees
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- Premium tax rate
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- Premiums to surplus
- A Labuan captive insurer is required to maintain at all times a surplus of assets over liabilities, which is equivalent to, or more than the amount of its working funds; 0r 20% of the net premium income for the preceding year in respect of the general insurance business; or 3% of the actuarial valuation of the liabilities for life insurance business as at the last valuation date in respect of the life insurance business, whichever is greater.
- Minimum capital (broken out by type of captive)
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A paid-up capital of a Labuan company unimpaired by losses of (1) pure/single/group/association/multiple captive: 300,000 Malaysian ringgit (2) rent-a-captive/cell captive: 500,000 Malaysian ringgit.
- Applicable Acts/Enabling Legislation
- Labuan Financial Services and Securities Act 2010; Labuan Islamic Financial Services and Securities Act 2010; Labuan Companies Act 1990; Labuan Business Activity Tax Act 1990.
- Speed of licensing
- 30 days
- Regulator
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- Address and contact information of Regulatory Department
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- Website Address
- https://www.labuanibfc.com