Section 3

Subsection 101(1) of the principal Act is amended by substituting for the definition of “Labuan insurance business” the following definition:

‘ “Labuan insurance business” means insurance and reinsurance business which includes takaful and retakaful business, Labuan captive insurance business and such other insurance business approved by the Authority but does not include any insurance business that is regulated or prohibited under other written law in Malaysia;’.