Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022
Official textFrom Laws of Malaysia Online, unchanged
Every Labuan insurer, including an insurance licensee which carries on Labuan captive insurance business, shall ensure that the realizable value of its assets exceeds the amount of its liabilities by a margin in such an amount or calculated in such manner as may be specified in writing by the Authority from time to time.
Labuan insurer
“Labuan insurer” means a person who is licensed to carry on Labuan insurance business;
Authority
“Authority” means the Labuan Financial Services Authority established under section 3 of the Labuan Financial Services Authority Act 1996;
Labuan captive insurance business
“Labuan captive insurance 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 the Authority to provide insurance or reinsurance;
Labuan insurer
“Labuan insurer” means a person who is licensed to carry on Labuan insurance business;
liabilities
“liabilities” includes debts, duties and obligations of every kind, whether present or future, or whether vested or contingent;
Part VIII
Part X
Part XI