Tuesday, May 24, 2016
Bluewell Reinsurance Directors paid a courtesy call on Vice President Yosiwo P. George
May 2016: Palikir, Pohnpei - Vice President Yosiwo P. George received a courtesy call from Bluewell Reinsurance Director and President, Mr. Toshikatsu Konno and Director and Secretary, Mr. Akira Nakao in the afternoon of Monday at the President's Conference Room.
In welcoming Mr. Konno and Mr. Nakao along with their delegation, Vice President George expressed his appreciation for the afforded visit and for Japan's corporate investment by doing captive insurance business in the FSM. During the brief meeting, both ends 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 has 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 was Special Assistant Herman Semes Jr.