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Labuan FSA to further develop captive insurance 
Published on: Sunday, November 05, 2023
By: Bernama
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Labuan FSA to further develop captive insurance 
The Labuan Financial Services Authority (Labuan FSA) has highlighted its commitment to further develop the captive insurance sector as it aims to sustain its position as a leading hub in Asia.
LABUAN: The Labuan Financial Services Authority (Labuan FSA) has highlighted its commitment to further develop the captive insurance sector as it aims to sustain its position as a leading hub in Asia.

Already boasting the second-highest number of captives in Asia, including captives takaful, Labuan has seen a surge in global demand for captives insurance, making it a cost-efficient risk management option for organisations with cross-border exposures.

Labuan FSA Director-General Nik Mohamed Din Nik Musa said the growing interest in captives as an alternative for risk transfer, in addition to traditional insurance purchases, has been on the rise. 

He said the Business Insurance Report for 2022 revealed an increased interest in captive formations and the greater use of existing captive insurers, a trend expected to continue gaining momentum throughout 2023.

“Labuan captives have garnered international recognition for their outstanding contributions to the industry,” he said.

Nik Mohamed Din said the Labuan International Business and Financial Centre (IBFC), which Labuan FSA regulates, received the International Captive Domicile and Best International Captives Jurisdiction award in 2021 and 2022 at the European Captives Awards organised by Captives Review. 

He said these accolades underscore Labuan’s modern regulatory framework, innovative structures, and its increasing number of new captives.

Nik Mohamed Din also said Labuan FSA has issued an omnibus guideline on captives in August, further enhancing IBFC’s capabilities in underwriting both existing and emerging global risks, potentially attracting more new captives.

He acknowledged the challenges in the ever-evolving financial landscape and the impending changes in the global tax environment. 

“To stay competitive, Labuan FSA is committed to offering differentiated financial products, top-quality business services, a robust talent pool, and a modern dual regulatory framework for both conventional and Islamic finance,” he said.

This framework also incorporates digital businesses, ensuring certainty and protection for investors and businesses in line with international standards and best practices. 

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