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: Redomestication:
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

6. Contact Information
FSM Insurance Board/Commission Town Plaza Building, Suite 12 P.O. Box K-2980 Pohnpei, FM Phone: (+691) or 5426 Fax: (+691) Website:

7. We look forward to having you in the FSM
Arigato Gozaimasu
The picture is taken from the FSM Embassy page.
The aim is to create a warm welcoming atmosphere, and show again that the spirit of peace, unity, liberty is in the Constitution Preamble
We look forward to having you in the FSM