Captive bill introduced in Northern Mariana Islands Senate

The Commonwealth of the Northern Mariana Islands (CNMI), an unincorporated territory and commonwealth of the US, could join the list of captive domiciles if a bill in the senate there passes a vote.

Senate Bill No. 23-43, the Captive Insurance Bill of 2023, has been brought in by Senators Celina Babauta and Donald Manglona.

The bill will be voted on in the CNMI Senate on Friday August 4.

In a statement on social media Senator Babauta said that the bill will help to diversify the economy of the Northern Mariana Islands and creating job opportunities by establishing a captive insurance industry through sensible legislation.

“I am working on a few more initiatives to steer the sails of our Marianas through the rough seas we are in today and laying the foundation for stability in our government so we can realise economic growth in our islands for all our tomorrows,” said Senator Babauta.