Labuan International Business and Financial Centre (Labuan IBFC) licensed insurance and takaful firms can now locate their management and operational offices in Kuala Lumpur, or any other city within Malaysia, in line with the ongoing process of co-location and the movement towards a fully abstract international business and financial centre.
This allowance is part of the financial sector liberalisation package initially introduced by Labuan Financial Services Authority in 2009, which provides for similar concessions to Labuan Holding Companies, Labuan Banks and Investment Banks.
The extension to Labuan insurance and takaful entities underlined the important role insurance and takaful played in the growth and success of Labuan IBFC, said Labuan FSA director-general Datuk Azizan Abdul Rahman.
“The insurance and takaful sector has consistently recorded strong performance and remains as one of the core sectors in Labuan IBFC, with gross premiums written exceeding US$1bil and double-digit increase in the number of licences,” he said.
counrtesy by: The star Online
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