eTiQa Insurance & Takaful

With a strong foundation in both financial positioning and industry experience, Etiqa Offshore Insurance offers an array of management services that is professionally and efficiently managed. From management services such as accounting, legal, compliance advice to completion of license application, we will be your liaison person with various parties such as Labuan Offshore Financial Services Authority (LOFSA), business partners and regulators.

With our team from various professions and experience, we are able to cater to your company’s required needs and services.

Role of an Insurance / Underwriting Manager?

•	Protocols – part of the requirements under the Labuan IBFC laws and regulations
•	To represent Clients as their Head Office in Labuan as an alternative to setting up a physical office
•	Management Services: Administration, business operation, record keeping, accounting, corporate governance and compliance
•	Facilitate reinsurance risk placement and claims management
•	License application and drafting of business plan

Typically the formation of an Offshore Insurance Company will follow the process-outlined below:

	Decide to set up a Company / Branch in Labuan IBFC
	Reservation of Company / Branch name
	Preparation of application forms and documents for the License to carry on offshore insurance business
	Submission of application forms and documents to LOFSA
	Obtain approval from LOFSA – Further documents to submit within 3 months for issuance of License
	Incorporate Company / Register Branch
	Submission of remaining documents to LOFSA – usually deemed as the date of the License
	Commence Business

Administration and Office

•	Represents Labuan Management Office : Liason with authorities/auditors, attendance to meetings etc.
•	Local knowledge and global delivery
•	Well equipped business centre
•	Compliance advisory inlcuding AML ~ Compliance Officer delegation work (Optional)
•	Writing up of General Operating Procedures (Optional)
•	Future (Optional) ~ Internal Audit and Risk Management

Statutory Reporting

•	Preparation of statutory reports
•	Advice on compliance

Human Resource

•	Payroll – enrolments, payments and statements
•	Work permit application
•	Advice on local government regulations

Record Keeping

•	Keeping of records as required by the OCA
•	Maintenance of inward and outward flow of documents
•	Provision of proper filing rooms and space

Accounting and Financial Reporting (Optional)

•	Data entry and maintenance of financial records
•	Reconciliation of bank and trade accounts
•	Preparation of Financial Statements and Operating Reports
•	Full RI / Retakaful Accounting & Database software provided (future ~ web enabled)

Treasury and Financial Services (Optional)

•	Expenses and disbursements administration
•	Premium Remittance
•	Collections and claims disbursement
•	Cashflow control and projection report

Underwriting and Reinsurance Support

•	Reinsurance documentation control
•	Facilitate reinsurance placements (captive)

Claims Handling Optional

•	Claims documentation control and facilitate processing

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