PermCore Insurance Company Ltd. was licensed by the board as a Class 2 captive insurance company. The first such company was licensed here in Oct. 2009.
PermCore is owned by JCB Co. Ltd., which is a global credit card brand originated in Japan.
The approved professional service providers for PermCore include Micronesia Insurance Management Co. Ltd., as captive manager, Ramp and Mida Law Firm as local legal counsel and Deloitte & Touche LLP, as independent auditor.
The FSM is the only worldwide captive domicile whose laws were written for the benefit of captive insurance companies formed by Japanese corporations, although others are also welcome.
