TOKYO, Japan — October 27, 2026 — His Excellency Wesley W. Simina, President of the Federated States of Micronesia (FSM), delivered opening remarks at the 2026 FSM Captive Insurance Seminar in Tokyo during his official visit to Japan, highlighting the FSM’s commitment to strengthening its captive insurance industry and expanding economic cooperation with Japan. The President was joined by representatives of the 24th FSM Congress and members of his delegation.
Earlier that day, President Simina and his delegation attended a breakfast meeting with members of the FSM Captive Insurance Council and the FSM Insurance Board. The meeting provided an opportunity for Mr. Steven K. Baker, President of Micronesia Registration Advisors (MRA), to introduce members of his team, including newly appointed staff, and provide updates on the captive insurance sector, its ongoing activities, and future priorities. He also reported that the industry has generated approximately US$338,000,000 in corporate income tax revenue since the establishment of the program.
Addressing members of Japan’s business and insurance communities at the seminar, President Simina expressed appreciation for their continued confidence in the FSM, noting that more than 20 Japanese-owned captive insurance companies are licensed or approved for licensing in the country. He emphasized the FSM’s commitment to building a reliable and competitive captive insurance domicile supported by sound regulation and long-term business partnerships.
The President also reaffirmed the Government’s commitment to strengthening the FSM Insurance Board and maintaining a stable, efficient, and responsive regulatory environment that meets the needs of businesses while upholding high industry standards.
The engagements underscored the FSM’s continued commitment to developing its captive insurance industry, strengthening ties with Japan’s business and insurance communities, and advancing economic cooperation between the FSM and Japan.
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