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| Groundbreaking new Labuan laws to boost insurance and financial services | |||
| New laws, which came into effect on 11 February, will dramatically improve Labuan's already competitive edge in international financial markets as they will completely change the way in which the Malaysian island carries on financial services business. The new laws, comprising four new Acts together with radical amendments to further four existing laws, allow for the creation of Labuan foundations, limited liability partnerships, protected cell companies (insurance and mutual funds), shipping operations, Labuan special trusts and financial planning activities. These complement the existing range of products and services readily available and provide investors with a wider choice of financial products to maximise investment opportunities. With the enactment of the new laws, Labuan Offshore Financial Services Authority (LOFSA) will be renamed Labuan Financial Services Authority (Labuan FSA). Dato Azizan Abdul Rahman, Director-General of Labuan FSA, says that the far-reaching changes cover all financial activities in Labuan International Business and Financial Centre (IBFC) - from banking, insurance, leasing and company incorporation right through to the creation of Islamic financial products and services. "Apart from that, the changes have taken into consideration all aspects so that we are ahead of accepted international standards and practices," he said. "Labuan has always been seen as an effective and user friendly jurisdiction," said Mr David Kinloch, CEO of Labuan IBFC Inc, the sales and marketing unit for the island, "but these new provisions will make it possible for us to attract and welcome many new categories of clients." |
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| Ins Communications Pte Ltd · 69 Amoy Street, Singapore 069 888 Tel: (65) 6224 5583 · Fax: (65) 6224 1091 http://www.asiainsurancereview.com/pages/e-weekly.asp?country=1 Published: 9/9/2010 9:09:07 PM © 2010 All rights reserved |
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