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Compliance Function

Guidelines on Compliance Function for Labuan licensed entities came into effect on 1st June 2014. The guidelines require Labuan reinsurance/insurance and retakaful/takaful entities, through their respective Compliance Officer to prepare a formal annual compliance report each year.   

Compliance is one of the key control functions within an organization and companies should take a structured approach to satisfy its internal oversight and external regulatory needs.

The Compliance Function provides independent assurance to the Board of Directors and senior management on the company’s compliance with legal and regulatory requirements and internal compliance policies of the Company.

The Compliance Function can be outsourced to an authorized third party service provider. This offers Labuan companies a cost-efficient way to handle this regulatory overhead.

Challenge Group Underwriters & Managers (L) Inc. has been authorized by Labuan Financial Services Authority (“LFSA”) to carry out Compliance Function services and to provide it on outsourced basis.

Our Compliance outsourcing cover the following areas:

1. Assist the Client’s compliance function and the Client executive to establish, communicate, monitor and enforce effective compliance policies and procedures to address legislative and regulatory requirements

2. Provision of ongoing monitoring and assessment of new requirements and report findings on quarterly and annual basis

3. Carry out structured reviews of compliance arrangement and control systems

4. Identify any deficiencies

5. Make recommendations for any updates or revisions to the Compliance Manual

6. Properly maintain files and records of the compliance work

Please contact Challenge Group and a compliance specialist will contact you to discuss your requirements.

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