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

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Presentation on theme: "FSM Captive Insurance Council November 1, 2013 | Tokyo, Japan Jesse Giltamag Insurance Commissioner Federated States of Micronesia."— Presentation transcript:

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

2 FSM Insurance Board/Commission 1.A snap-shot at FSM Captive Insurance Redomestication Loss Portfolio Transfer (LPT) New Formation 2.Amendment to the Captive Law Class 4 Captive 3.Past, Present and Forecast 2

3 FSM Insurance Board/Commission 1.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 2.Redomestication: 1 out of 12 by way of redomestication 3.Loss Portfolio Transfer (LPT): 3 out of 12 by way of LPT 4.New Formations: 8 out of 12 by way of new formation 3

4 FSM Insurance Board/Commission 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 4

5 FSM Insurance Board/Commission 5

6 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

7 FSM Insurance Board/Commission 7 We look forward to having you in the FSM


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