Good news from Labuan, FT Malaysia

Monday June 14, 2021

Dear Readers, We have some good news from Labuan, FT Malaysia. This will be of special interest to our customers who obtained Money Broker on Asset Management license in Labuan, FT Malaysia.

Further Extension of Regulatory Reliefs for Labuan Entities. Taking cognizant of the development of the impacts of COVID-19 pandemic toward the IBFC and having assess the prolong economic challenges including the feedbacks provided by the industry players, Labuan FSA has agreed to further extend the TRRs in support of a structured economic recovery while safeguarding the livelihood of those that
live and work on the island.

(a) Relaxations on administrative governance in view of the continued travelling and movement restrictions;
(b)Flexibility on the technical requirements for valuation of insurance/takaful liabilities in relation to:
– permitting more realistic discount rates to reflect longer term investment climate; and
– recognising internationally rated counterparties with good standing for the reserving requirements with regard to reinsurance/retakaful cessions; and
(c) Extension of period for key regulatory reporting and submissions to the Authority.

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