FSM INSURANCE BOARD
I join Chairman Narruhn in WELCOMING YOU to our website!
We hope our website is informative, practical, useful, and easy to navigate through. We try to post key information on the website. However, if you do not find what you are looking for or need additional assistance, feel free to Contact Us. We are here to be of service to you!
Our statutory charges are: (1) to regulate insurance business, (2) to undertake the licensing and supervision of insurers and intermediaries, (3) to protect the interests of the insuring public, and (4) to promote sound, stable and healthy development of the insurance system.
Our strategic goal as a prudent regulatory authority is to protect the interests of the insuring public and ensure the insurance system is stable, healthy, sound, and with confidence. To play our role as the market enabler, committed to professional excellence in what we do to achieve the right balance between optimal regulatory functions and development functions, we strive to differentiate fraud and mismanagement from business risk. In doing so, we must contribute to creating a dynamic and vibrant market environment with confidence for all concerns. We believe protecting the policy owners yet ensuring the institutions and markets function efficiently and effectively for sustainable development go hand-in-hand with each other. We hope the statutory, regulatory and prudential requirements in effect are optimal to realize that balanced mix.
Transparency without divulging confidential information is of paramount importance to us. We will upload public information from time to time and update information on the website to keep you involved and informed on the latest development with respect to captive and regular insurance. We welcome your invaluable views and participations in moving the insurance system forward for everyone’s benefit.
Once again, welcome and we look forward to working and serving you.
Chairman Narruhn’s Message
On behalf of the Board and staff, WELCOME to our website!
Our website is intended to assist you so you know who we are, what we do, and why. Feel free to contact our staff if you do not find what you’re looking for or need additional information. We want to know what information may be of interest to you or how we could be of any better assistance to you, whether be on regular or captive insurance, or both.
Our overall objective is to be the most effective and efficient yet fair prudent regulatory body for the insuring public, insurer and intermediary. In doing so, we commit ourselves to making sure the insurance system is sound, safe, stable, fair, and healthy for every person.
FSM’s captive industry is relatively new and is one of among the priority strategic initiatives of President Mori and Speaker Figir. In fact, our captive laws and regulations offer flexibilities and are tailored to benefit especially the Japanese corporations interested to establish their captives or redomesticate their captive companies to the Federated States of Micronesia.
Thank you and once again we look forward to serving you.