ACC concludes in Kuala Lumpur

The Asian Captive Conference (ACC) 2024, co-hosted by Labuan International Business Financial Centre (IBFC) and the Labuan International Insurance Association (LIIA), has concluded in Kuala Lumpur, Malaysia. 

The event at the Sime Darby Convention Centre saw over 200 attendees, including regulators from Cambodia, Hong Kong (China) and India's insurance industry; professionals, investors and service providers from the global captive industry; representatives from government agencies and the media.

The involvement of more than 20 sponsors and partners highlighted that the conference was the flagship event for the captive space, the Labuan IBFC said in a statement

Six informative sessions captained by industry leaders across various fields concluded that captives continue to play a crucial and ever-evolving role in enabling businesses to mitigate the spectrum of existing and emerging risks against prevailing economic conditions.

In his welcoming remarks, Datuk Iskandar Mohd Nuli, executive chairman / chief executive of Labuan IBFC, emphasised Labuan IBFC's status as the premier captive domicile in the region. He highlighted the numerous awards garnered, which underlines Labuan IBFC's position as the preferred jurisdiction for captives in both Europe and Asia. Datuk Iskandar also stressed the conference's importance in the global captive calendar, stating: “The ACC 2024 is designed to provide industry professionals with valuable insights and resources to excel in the captive industry as well as foster growth and innovation across the region.”

The keynote address was presented by Nik Mohamed Din Nik Musa, director general of the Labuan Financial Services Authority (Labuan FSA). In his speech, he highlighted the importance of regulations evolving parallel with corporates' increasing insurance demands for alternative risk management vehicles. He further commented, “The captive omnibus guidelines issued by Labuan FSA has resulted in more innovative applications of Labuan captive structures. This reflects Labuan FSA's recognition of Labuan captive sector's growing maturity and higher technical capabilities to underwrite more complex risks.”

The next ACC will be held in 2026.

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