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Federated States of Micronesia Captive Updates

Federated States of Micronesia Captive Updates. FSM Captive Insurance Council November 1, 2013 | Tokyo, Japan Jesse Giltamag Insurance Commissioner Federated States of Micronesia. Presentation Outline. A snap-shot at FSM Captive Insurance Redomestication Loss Portfolio Transfer (LPT)

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Federated States of Micronesia Captive Updates

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  1. Federated States of Micronesia Captive Updates FSM Captive Insurance Council November 1, 2013 | Tokyo, Japan Jesse Giltamag Insurance Commissioner Federated States of Micronesia

  2. Presentation Outline • A snap-shot at FSM Captive Insurance • Redomestication • Loss Portfolio Transfer (LPT) • New Formation • Amendment to the Captive Law • Class 4 Captive • Past, Present and Forecast

  3. Overview • Currently, there are 12 Captive Licensees: • All 12 captives are Japanese owned • First Captive Licensed - in September 2009 • Last two captive licensed - in July 1, 2013 • Redomestication: • 1 out of 12 by way of redomestication • Loss Portfolio Transfer (LPT): • 3 out of 12 by way of LPT • New Formations: • 8 out of 12 by way of new formation

  4. Recent Amendment to the FSM Insurance Act, Chapter 10 (Captive Insurance) Introduction of Class 4: • In addition to the risks insured by Class 1, Class 2 and Class 3, a Class 4 may also insure unaffiliated third-party risks • Up to 30% of net written premium may come from unaffiliated third-party business • Minimum capital and surplus is USD $5 million • Commercial risks must be outside of Federated States of Micronesia • Excludes homeowners or personal automobile insurance

  5. Contact Information FSM Insurance Board/Commission Town Plaza Building, Suite 12 P.O. Box K-2980 Pohnpei, FM 96941 Phone: (+691) 320-3423 or 5426 Fax: (+691) 320-1523 Website: www.fsminsuranceboard.com

  6. Arigato Gozaimasu We look forward to having you in the FSM

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