The Labuan International Business and Finance Center reported the highest number of license approvals in the last five years in 2012, according to an annual report issued by the Labuan Financial Services Authority.
Captive International spoke to founding member and 20-year captive veteran Michael Mead about the newest captive domicile in the Union.
Jeff Kenneson has joined the firm as senior vice president— client development.
The Cook Islands, comprised of 15 small islands in the South Pacific, has become the third country in the region to pass captive insurance legislation.
Meeting with the UK Prime Minister, David Cameron ahead of the G8 summit, Guernsey’s chief minister, Peter Harwood has defended the domicile’s international tax credentials.
The American Council of Life Insurers has defended the value of captive insurance in the face of criticism of so-called ‘shadow insurance’ levelled at the life sector by the New York regulator.
Despite uncertainties around the implications of Solvency II, captive levels remain robust, although increasing headwinds related to tax and reputation will present an increasing challenge.
According to A.M. Best the outlook for member companies of BETA Healthcare Group have been revised to positive from stable.
Gary Osborne, president of USA Risk Group, told Captive International that he expects up to 50 percent of newly formed captives will select their home state over even the most established domiciles.
Management should encourage greater dialogue within their company if it is to effectively identify and deal with risk.