108. Appointment of actuary

Terms defined in this Act

• actuary

  actuary

  Defined · s 2

  “actuary” means a person, being a Fellow of any of the professional associations listed in the Second Schedule or a person recognized by the Authority as an actuary for the purposes of this Act, who appears on the list of actuaries maintained by the Authority;

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• Authority

  Authority

  Defined · s 2

  “Authority” means the Labuan Financial Services Authority established under section 3 of the Labuan Financial Services Authority Act 1996;

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• Labuan

  Labuan

  Defined · s 2

  “Labuan” means the Federal Territory of Labuan;

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• Labuan insurer

  Labuan insurer

  Defined · s 101

  “Labuan insurer” means a person who is licensed to carry on Labuan insurance business;

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• life insurance business

  life insurance business

  Defined · s 101

  “life insurance business” means insurance business connected with any policy by which payment of policy monies is insured on death or on the happening of any contingency dependent on the termination or continuation of human life and includes any incidental extension of cover and reinsurances of such business;

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• securities

  securities

  Defined · s 2

  “securities” means any investments commonly known or capable of being described as securities, and includes— (a) shares, debentures, funds, units, interests in a limited partnership or limited liability partnership or unit trust or foundation or protected cell company or corporation; (b) debentures, bonds or notes of or issued by any body (incorporated or unincorporated), government, local government or public authority; *NOTE—The Exchange Control Act 1953 has since been repealed by the Financial Services Act 2013 which comes into operation on 30 June 2013—see sections 271 and 272…

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