KUALA LUMPUR, Malaysia, Aug. 18, 2022 /PRNewswire/ -- Captive insurance market stakeholders gathered today at the Asian Captive Conference 2022 which was co-organised by Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.) and the Labuan International Insurance Association (LIIA). The conference, which was held at Sime Darby Convention Centre, showcased speakers from diverse fields and more than 150 participants comprising regulators, insurance professionals, investors, government agencies, media and professional service providers.
Through six high-impact sessions, the conference concluded that the captive market has a leading role to play in propelling the shift in the risk landscape and ensuring stability in a hard market.
Labuan IBFC Inc.'s Executive Chairman cum CEO, Datuk Iskandar Mohd Nuli, delivered the welcoming remarks in which he reiterated Labuan IBFC's position as the fastest-growing captive domicile in the region, with the jurisdiction holding 63 captives as at end-2021. "We hope the ASIAN CAPTIVE CONFERENCE 2022 will serve as an ideal platform for insurance professionals to come together to actively share and exchange ideas on ensuring the continued growth and momentum of the captive market."
The keynote address was presented by Yang Berusaha Encik Nik Mohamed Din Nik Musa, Director General, Labuan Financial Services Authority (Labuan FSA). In his speech, he highlighted that a key success factor to the sustained growth of Labuan IBFC is the well-regulated business environment which provides confidence to investors to continue using Labuan IBFC. He further commented, "In charting the continued growth and building on the position of strength, Labuan FSA will continue to strengthen the competitiveness of Labuan captive business under the 5-year Labuan IBFC's Strategic Roadmap launched in June 2022."
Highlights from the conference include captives' increased opportunity in a post-COVID landscape that is focused on increased supervision and enhanced risk management frameworks. Another notable topic discussed was the impact of the Organisation for Economic and Cooperation Development's BEPS 2.0 framework and how captives will continue to adhere to international standards and best practices.
The panel discussions mapped out the global captive landscape post COVID, in terms of key growth industries, emerging risk and regulatory developments. Current trends in captives were also highlighted, as well as how alternative reinsurance capital can be utilised to bring stability in a hard market.
There was also a special dialogue on protected cell companies (PCC). Topics covered in the discussion include the basics of forming a PCC compared to other structures, benefits posed by PCCs and the significance of captive processes and controls.
The conference closed with a discussion on the position of captives in environmental, sustainability and governance (ESG) schemes. Panellists shared how captives can be used to address company-wide ESG concerns and the unique features of captives that enable them to easily assume responsibility for all organisational risks including those that are sustainability-related.
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ABOUT LABUAN IBFC
ASIA PACIFIC'S LEADING INTERNATIONAL BUSINESS AND FINANCIAL CENTRE
Labuan International Business and Financial Centre (Labuan IBFC), Malaysia, through its internationally recognised yet business-friendly legal framework, is the preferred international business and financial centre in the Asia Pacific region.
It offers global investors and businesses the benefits of being in a well-regulated jurisdiction, while providing for fiscal neutrality and certainty, in addition to being an ideal location for substance creation.
Labuan IBFC boasts a wide range of business structures and investment solutions catered to cross-border transactions and international business dealings. It offers services and solutions in niches such as asset leasing, risk management, commodity trading, wealth management, international business companies and Islamic financial services to global businesses looking at penetrating Asia and Asian entities aiming to go global.
Labuan IBFC operates within clear and comprehensive legal provisions, guidelines and practice notes, enforced by a single regulator, Labuan Financial Services Authority.
SOURCE Labuan IBFC