Seal of the Federated States of Micronesia
FSM INSURANCE BOARD

Commissioner Sana’s Message

FSM Insurance Commissioner It is with pleasure that I join Chairman Narruhn in WELCOMING YOU to our website.

We hope our website is informative, useful and easy to visit and access information you are looking for.  Our goal is to post key information on the website for information and review.  If you do not find what you are looking for or need additional assistance,  please feel free to contact us. We are here to help you.

By law, our principal duties are:   (1)  to regulate insurance business,  (2)  to undertake the licensing and supervision of insurers and intermediaries,  (3)  to protect the interests of policyholders,  and  (4) to promote a sound and functioning insurance system in the nation.

As the sole insurance regulatory authority in the Federated States of Micronesia (FSM), our strategic goal is built upon and based on our four fundamental principal duties, that is to ensure sound and prudent practices in the system consistent with acceptable regional and international insurance standards for the protection of the insuring public and policyholders.  To achieving this specific goal,  we see it to be imperative to promote an open dialogue with relevant parties and stakeholders and uphold accountability and transparency in the system.   We are committed to accountability and transparency, but at the same time we are equally mindful of our duty to safeguard what is confidential information.  This is of paramount importance in our work and relationship with regards to the insured we serve and with other parties that we work and partner with. Equally important, we strive for professional excellence in our work, and hopeful for a healthy, productive and cooperative working environment between us as the regulatory authority and the other equally and important parties and partners.

While we are mindful of our mandate to promote the interest of the insuring public and policy holders,  we are also cognizant of the need to collaborate with other stakeholders and institutions in ensuring that these institutions and markets operate and function effectively and efficiently for a sustained and  functioning system.  We believe the statutory, regulatory and prudential requirements in effect are optimal to realize the balance mix.

 I also want to underscore the importance of maintaining open dialogue and communication with our leaders and policy makers on matters of high priorities and importance.    Their continued support for the program are indispensable. 

We will continue to upload public information from time to time and update information on the website to keep you informed and abreast of the latest development with respect to captive and regular insurance.    We welcome your invaluable input and views in our efforts to move the insurance system forward for everyone's benefits. 

Once again, welcome to our website and we look forward to working with and serving you.

Chairman Narruhn’s Message

Chariman NarruhnOn 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.