Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part VII · Labuan Takaful Business and Labuan Takaful Related Activities
89. Restriction on business of takaful licensees by Labuan takaful operator
Feedback & supportNo Labuan takaful operator shall carry on any business activities in Labuan or elsewhere from its office in Labuan other than its Labuan takaful business or business activities in connection with or for the purpose of such Labuan takaful business.
Labuan takaful operator
“Labuan takaful operator” means a person who is licensed to carry on Labuan takaful business;
Notwithstanding the definition of “Labuan takaful business”
Labuan takaful business
“Labuan takaful business” means takaful business which includes Labuan captive takaful business, Labuan retakaful business and such other takaful business approved by the Authority but does not include any takaful business that is regulated or prohibited under other written law in Malaysia;
and subsection (1), a Labuan takaful operator may carry on the retakaful of domestic takaful business, including the retakaful of domestic takaful business transacted in ringgit and such other business as may be specified in writing by the Authority.
domestic takaful business
“domestic takaful business” means takaful business where the subject matter of the policy is— (a) property which at the time of the making of the policy is situated in Malaysia or is in transit to or from Malaysia; (b) a ship or an aircraft registered in Malaysia and all liabilities arising from the operation of such ship or aircraft; (c) the life of any contingency related to any person who, at the time of the making of the policy, is a resident; or (d) a risk of any nature in respect of any person who, at the time of the making of the policy, is a resident.
Labuan Islamic Financial Services and Securities 107
No Labuan takaful operator shall act on behalf of another
Labuan takaful operator as a Labuan takaful manager or Labuan takaful underwriting manager unless such first-mentioned Labuan takaful operator has been granted a takaful licence to carry on business as a Labuan takaful manager or Labuan takaful underwriting manager, as the case may be.
Labuan takaful manager
“Labuan takaful manager” means a person who is licensed to provide for management or administration services related to Labuan takaful business but does not include a Labuan takaful underwriting manager;