Shinji Kasai, the general manager of the Insurance Business Team for Marubeni Corp. (Japan); Kenichiro Hamada, ARM, president and CEO of Micronesia Insurance Management Co. Ltd.; and Daniel Koepfer, managing director for Aon Global Risk Consulting, met with Mori to talk about their interest and their plans on doing business the in the FSM.
Mori, when he was a member in the 14th FSM Congress, was actively involved in creating legislation on captive insurance.
Through this legislation and alignment of rules and regulations with the Japanese tax system, the FSM is now in the position of luring captive insurance companies, who are based in Singapore, to the FSM to house their captive insurance business here instead, bringing in potentially millions of dollars in corporate tax revenue to the FSM general fund on a yearly basis.
Because this is a new endeavor for FSM, this first group of businesses is navigating through local laws and regulations, beginning the initial phase of setting up their corporate offices.
One company, Micronesia Insurance Management Co. Ltd., has already opened an office in Pohnpei at the Town Plaza Office Building in Kolonia.
Marubeni, one of the top 10 companies to do captive insurance from Japan, was here to submit a draft application to Wilson Waguk, the insurance and banking commissioner, and Aon Global, a company that will work with Marubeni as a captive insurance management company, attended as well.
After meeting with Mori to discuss their plans, they met with Waguk.
Kasai, from Marubeni, stated that they plan on submitting their final application in July, and hope to begin moving their captive insurance corporate office to Pohnpei to open by Sept. 1, once they get a license from the FSM Insurance and Banking Commission.
