Offshore Service Providers Directory

About Us

Legal Status

Labuan Insurance Management Services Limited is licensed by the Labuan Financial Services Authority (Labuan FSA) [Formerly known as Labuan Offshore Financial Services Authority (LOFSA)] under the Labuan Financial Services Securities Act 2010 to perform the duties of:

• Offshore Insurance Manager
• Offshore Underwriting Manager

Background Information

Labuan Insurance Management Services Limited was incorporated on 5th June 2001 by a Group of insurance professionals with the desire of providing cost effective risk management solutions to large corporations and management services to offshore insurance entities.

It aims to achieve this through the practice of conventional and unconventional risk transfer mechanisms.

Personnel Background

Mak Chee Seng, ACII
A chartered insurance practitioner with thirty years experience, commencing his career as an insurance broker and subsequently became an underwriter for about fifteen years with management experience at both branch and head office level. His exposure to captive management commenced in 1995 wherein he managed the first captive formed in Labuan. Subsequently he joined a group which was involved in diversified insurance activities acting as the general manager of captive management subsidiary. Currently he is the director of the company which is presently involved in the management of single parent captives, offshore insurance broker and offshore insurer and reinsurer.

Jocelyn Yeo, MBA
Currently the Head of Operations in Labuan, Jocelyn holds a Masters in Business Administration. Her experience in offshore administrative services commenced few years ago in ING Barings Labuan and in 1999 she was the assistant manager for a captive and underwriting management office in Labuan. Her functions including management of operational administrative and accounting needs of this manager as well statutory requirements of Labuan FSA. She is well versed in all regulatory and local requirements with regards to the operation of any offshore insurance and insurance related entities in Labuan IBFC.

Services

Insurance Management Services

Labuan Insurance Management Services Ltd. offers a comprehensive of insurance, reinsurance and management services which includes:

Captives Insurance

• Risk Analysis
• Feasibility Studies
• Application of Insurance Licenses :
  • Insurance Companies
  • Reinsurer
  • Broker (Life & Non Life)
  • Captive
  • Underwriting Manager
    
• Incorporation of Insurance Entities
• Provision of Management Services in accordance with Labuan Financial Services And Securities Act 2010
• Development of Insurance Program including the arrangement of Fronting Companies and reinsurance protection
• Assistance in the selection of service provider e.g. auditors, lawyers, investment managers etc.
• Maintenance of accounting records in conformity with Labuan FSA's requirements
• Preparations and submissions of statutory returns as required by the Labuan Financial Services and Securities Act 2010
  and Labuan Financial Services Authority
• Consultancy services to Captives's Underwriting program and documentation processing
• Management of claims

Reinsurance

• Design of Insurance and Reinsurance plans.
• Identification and negotiation with Fronting Insurers.
• Evaluations of reinsurers and securing of quotations.
• Implementation of finalised reinsurance program.
• Management of premiums and recovering of claims.

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