TOKYO, Japan – On July 19, 2024, His Excellency Wesley W. Simina, President of the Federated States of Micronesia (FSM), attended and delivered the opening remarks at the FSM Captive Insurance Council (CIC) Seminar held in Tokyo, Japan while in the country attending the 10th Pacific Island Leaders Meeting (PALM10). The seminar, sponsored by the FSM CIC and the FSM Insurance Board, marks the second in-person seminar since 2019 and brought together key stakeholders from the FSM government, the insurance industry, and the Japanese business community.
The FSM CIC was established to promote and regulate captive insurance companies within the FSM. Captive insurance is a form of self-insurance where a company creates its own insurance company to cover its risks. The FSM CIC provides regulatory oversight, industry guidance, and promotes the benefits of captive insurance to encourage a favorable business environment for insurance entities.
In his opening remarks, President Simina expressed his gratitude for the support from Japanese corporations and highlighted the longstanding relationship between the FSM and Japan. He stated, “Japan and the FSM have had long historical and cultural ties. Japan was one of the few countries that early on supported the FSM in gaining its independence and membership in the United Nations.”
President Simina also noted the significant contributions of Japanese corporations to the FSM’s economy: “Today we have over 175 Japanese owned Major Corporations registered in the FSM, about 1/5 of which are captive insurance companies. In fact, we have had at least 50 new Major Corporations register since the beginning of the pandemic in the spring of 2020.” He emphasized that the support from these corporations has enabled the FSM to progress on many important projects, improving the lives of its citizens and contributing to the long-term FSM Trust Funds.
The seminar serves as a platform for dialogue and collaboration, aiming to strengthen the FSM’s position in the global insurance market and enhance its economic development. The FSM CIC continues to support and grow the captive insurance sector, contributing significantly to the nation’s financial stability and growth.
President Simina was also received a briefing by CIC member, MRA Advisors., also known as Micronesia Registration Advisors, where he was updated on the FSM-MRA public private partnership where MRA works to attract and assist major corporations, primarily captive insurance companies from Japan, to register in the FSM. In this briefing the President was joined by T.H. Floor Leader Quincy Lawrence, T.H. Senator Fabian Nimea, T.H. Secretary Elina Akinaga and T.H. Secretary Rose Nakanaga.
Following the productive seminar and MRA briefing, the FSM Embassy hosted an event to commemorate the first anniversary of the new FSM Embassy building in Japan and the 36th anniversary of diplomatic relations between the two nations.
Among the distinguished guests included T.H. Floor Leader Quincey Lawrence, T.H. Senator Fabian Nimea, T.H. Yoshifumi Tsuge, State Minister of Foreign Affairs of Japan, T.H. Masahiro Komura, Parliamentary Vice Minister of Foreign Affairs of Japan and T.H. Keiji Furuya, Chairman of the FSM-Japan Parliamentary Friendship League, along with the four Honorary Consul-Generals based throughout Japan: Mr. Nobutsugu Kuribayashi in Hokkaido, Mr. Keisuke Yamasaki in Kochi, and Mr. Motoyasu Shirai in Kinki.
Reflecting on the history of FSM-Japan relations, President Simina opened the event by highlighting the establishment of the Economic Liaison Office in 1985 and its upgrade to a full-fledged Embassy in 1988. President Simina emphasized the strong “Kizuna” or special bond shared between the FSM and Japan, which was further deepened during his recent participation in the 10th Pacific Island Leaders Meeting (PALM 10) where leaders from across the Pacific gathered in Tokyo to discuss common challenges and agree on solutions with tangible outcomes.
President Simina expressed gratitude for Japan’s support, particularly in grassroots community projects through the Overseas Fishery Cooperation Foundation (OFCF) and technical assistance from JICA Volunteers. These initiatives have significantly contributed to the FSM’s social growth and strengthened the bonds of friendship between the two nations. Looking ahead, President Simina announced his upcoming visits to Kochi and Osaka prefectures, aimed at further engaging with local communities and promoting people-centered development.
Vice Minister Tsuge closed the occasion with remarks, stating “Japan and Micronesia have been bound by a historical Kizuna for more than 150 years. We are friends who share fundamental values such as freedom and democracy, and have built a strong relationship through various forms of cooperation.”
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