Local incorporation is required for undertaking insurance/reinsurance and pension fund business.
"2. Interpretation
(1) In this Act, unless the context otherwise requires—[...]
"insurer" means a corporation incorporated under the Companies Act carrying on an insurance business, otherwise than as a broker, an agent for brokers or as an insurance agent and includes a reinsurer, a friendly society and a medical aid scheme unless this Act contains a separate provision specifically applicable to the reinsurer, the friendly society and the medical scheme in which case that provision shall apply;
[...]
8. Registration criteria
(1) If the Registrar is satisfied—
(a) that the applicant for a licence as an insurer, other than as an external reinsurer, is a company incorporated under the Companies Act;[...]" (Insurance Act (Chapter 47:01), 2010, as amended)
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"Part III - Pension Services Company
5.(1) A limited liability company licensed to operate as an administrator and any of the following:
(a) corporate trustee of a pension fund; (b) operator of an umbrella fund; and (c) provider of programmed withdrawals, is hereby defined as a pension services company.[...]" (Financial Services (Licensing and Registation of Pension Entities) Directive, 2014)

Insurance Act (Chapter 47:01), 2010, as amended
Financial Services (Licensing and Registation of Pension Entities) Directive, 2014
[<a href="https://www.rbm.mw/Home/GetContentFile/?ContentID=3744">Act</a>],[<a href="https://www.rbm.mw/FinancialSectorRegulation/GetContentFile/?ContentID=4523">Dir</a>]