Section 77

a Labuan company;

a foreign Labuan company; or

a branch of a Malaysian takaful operator, and holds a valid takaful licence.

Notwithstanding subsection (1), a Labuan insurer as defined in the Labuan Financial Services and Securities Act 2010 may carry on or transact or hold himself out as carrying on or transacting any Labuan takaful business if the Labuan insurer has obtained the prior approval of the Authority.

No person shall carry on or transact or hold himself out as carrying on or transacting any business as a Labuan takaful manager, Labuan takaful underwriting manager or Labuan takaful broker or any other Labuan takaful-related activities as may be specified by the Authority unless that person holds a valid takaful licence.

Act 705

Notwithstanding subsection (3), a Labuan insurance manager,

Labuan underwriting manager or Labuan insurance broker as defined in the Labuan Financial Services and Securities Act 2010

may carry on or transact or hold himself out as carrying on or transacting any business as a Labuan takaful manager, Labuan takaful underwriting manager or Labuan takaful broker or any other

Labuan takaful-related activities if the Labuan takaful manager,

Labuan takaful underwriting manager or Labuan takaful broker has obtained the prior approval of the Authority.

Except with the prior written approval of the Authority, a person who is not a takaful licensee shall not assume or use the words “Labuan takaful operator”, “Labuan takaful manager”,

“Labuan takaful underwriting manager”, “Labuan takaful broker”

or any derivative of such words in any language capable of being construed as indicating the carrying on of Labuan takaful business or Labuan takaful-related activities by such person.

This section shall not apply to bank licensees or Islamic bank licensees distributing the takaful products of a Labuan takaful operator who has obtained the prior approval from the Authority.

Application for takaful licence to carry on Labuan takaful business