Japan Insurance Executives Meet FSM Vice President

FSM Information Services
Palikir, Pohnpei, FSM

May 25, 2016

Vice President Yosiwo P. George received a courtesy call from Bluewell Reinsurance director and president Toshikatsu Konno and Director and secretary, Akira Nakao, Monday in the president’s conference room.

In welcoming Konno and Nakao along with their delegation, George expressed his appreciation for the visit and for Japan’s corporate investment by doing captive insurance business in the FSM.

During the brief meeting, they discussed development efforts through business expansion.

In 2006, the FSM Congress enacted legislation that would allow captive insurance corporations to establish captives in the country.

A number of Japanese-based corporations that have a vested interest in FSM’s growth and development have differentiated the FSM from other domiciles for its unique and favorable tax structure.

The FSM has developed a preeminent status as an appealing jurisdiction for Japanese businesses and, as a result, the FSM captive insurance domicile has attracted almost twenty Japanese owned companies, either licensed or approved.

Owned by Sumitomo Corporation, Bluewell Reinsurance (Micronesia) Ltd. is one of many FSM-licensed captive insurance companies doing business in the country.

Accompanying Vice President George at the meeting was special assistant Herman Semes Jr.

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