Japan Considers Domestic Captive Insurance Regime Amid Domicile Competition
What happened
Wesley Simina, president of the Federated States of Micronesia, addressed Japanese business communities regarding a potential domestic captive insurance regime. During the seminar, it was reported that the captive insurance industry in the Federated States of Micronesia has generated approximately US$338 million in corporate income tax revenue. Simina noted that more than 20 Japanese-owned captive insurance companies are licensed or approved in the Federated States of Micronesia.
Why it matters
The potential for Japan to establish a domestic captive regime increases regulatory competition among international insurance domiciles. The Federated States of Micronesia is emphasizing its commitment to maintaining a competitive and stable regulatory environment to attract business.
Who's involved
- Wesley SiminaAddressed Japanese business communities regarding the potential domestic captive regime.
- Federated States of MicronesiaIs the domicile whose captive insurance industry generated US$338 million in corporate income tax revenue.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- HawaiiSpeculative
May face increased competitive pressure on its position in captive insurance.
Keep exploring
The entities involved
-
Wesley Simina
Federated States of Micronesia politician
Nothing else this week.
-
Labuan
Federal Territory of Malaysia
Nothing else this week.
-
Hawaii
state of the United States of America
-
Bermuda
British overseas territory in the North Atlantic Ocean