Facebook logo
Facebook logo
Facebook logo
Facebook logo

Latest Headlines

Captive Insurance Times home | Interviews | Tamatoa Jonassen of The Cook Islands Financial Services Development Authority ← You are here

[close]
Latest News
Guernsey must pay attention to UK’s ILS push, says McLaughlin
27 March 2017 | St Peter Port
Guernsey should take the UK ‘seriously’ as it sets up an insurance-linked securities (ILS) regime in London, according to Stewart McLaughlin, executive director at Aon Risk Solutions Read more

Grant Thornton Cayman founding partner retires
27 March 2017 | Cayman Islands
Grant Thornton’s Terry Carson has retired, stepping down from his role as founding partner Read more

For more news visit our news section

Upcoming events
PARIMA MANILA 2017
Date: 28 March 2017
Location: SHANGRI LA at THE FORT Taguig, Metro Manila
Find out more

Captives & Corporate Insurance Strategies Summit
Date: 05 - 06 June 2017
Location: Canada
Find out more

For more events visit our event section
Industry recruitment
There are currently no jobs available
For more jobs visit our recruitment section
Captive Insurance Times
View the latest issues online now

Sister publications
Securities Lending Times
http://captiveinsurancetimes.com

Asset Servicing Times
www.assetservicingtimes.com

Real Estate Investment Times
www.realestateinvestmenttimes.com

Media pack [download]
Ad specs [download]
Latest features
Can a captive $ave us from ourselves?
Feature: With a solid enterprise risk management strategy, a captive can increase in value and reputation, says Michael Zuckerman of Temple University Read more

Cook Islands
Country profile: In an era of increasing uncertainty, Tamatoa Jonassen suggests that the Cook Islands can be a bridge to financial security in a captive Read more

Ciaran Healy :: Willis Towers Watson
Interview: Although it’s typically viewed as a defensive move, BEPS could mean positive things for captives, says Ciaran Healy of Willis Towers Watson Read more

For more features visit our features section
Interview
Latest news
Tamatoa Jonassen
The Cook Islands Financial Services Development Authority
The Cook Islands has the ingredients to a be success, says Tamatoa Jonassen of the Financial Services Development Authority

What is the state of the Cook Islands captive industry?

The Cook Islands recently created a captive insurance industry, beginning with legislation enacted in 2013. In 2015, the Cook Islands licensed its first captive insurer, and the 2016 outlook expects to see an increase in licences.

What makes the Cook Islands an attractive domicile?

The Cook Islands is a well-established financial centre in the heart of the South Pacific. It is well known for implementing its innovative trust legislation in the early 1980s, which led to the modern asset protection trust, and which other jurisdictions have pulled from in an attempt to enhance their own financial service offerings.

The jurisdiction is able to combine the confidence of trusted service providers located in the Cook Islands with renowned insurance management services offered by multinational insurance companies to tailor a captive insurance structure to a client’s circumstances. As the Cook Islands are situated between Asia and the US, they gain the benefit of time zones, but they’re also distinctively close to New Zealand and Australia.

The jurisdiction is well regulated with positive compliance ratings with the Organisation for Economic Co-operation and Development and Asia Pacific Group (APG). It is an independent country that is English-speaking, and was founded on common law, with a judiciary overseen by highly qualified New Zealand judges.

What is new for the Cook Islands in terms of regulations, and is there anything on the horizon?

The Cook Islands recently had a successful phase-two peer review from the Global Forum. We are also expecting an APG review in 2017, which is anticipated to be just as positive as the last review, and the Cook Islands has committed to implement the Common Reporting Standards by 2018.

What are your predictions for 2016? Do you think the captive insurance industry will grow in the Cook Islands?

Most definitely. As a new product for the Cook Islands, it has no place to go but up.

There has definitely been a lot of interest shown towards this ‘new’ industry, with some prospective clients already expressing that they are keen.

What is your strategy to increase interest in the Cook Islands captive insurance industry?

The Cook Islands financial services industry has, over the last several decades, traditionally focused on the US market, with the Cook Islands international trusts having become the golden standard in offshore asset protection.

The Cook Islands has also tapped into the Asian market over the last decade and will continue to do so, especially with the increasing number of high net worth clients.

For captive insurance the Cook Islands’ initial focus is on the New Zealand and Australian markets, given the close relationship and proximity. But this product will also be suitable for clients from our Asian and American markets.

To view the full issue in which this article appeared - Click Here



Guernsey must pay attention to UK’s ILS push, says McLaughlin
Guernsey should take the UK ‘seriously’ as it sets up an insurance-linked securities (ILS) regim Read more

Grant Thornton Cayman founding partner retires
Grant Thornton’s Terry Carson has retired, stepping down from his role as founding partner Read more

Drinker Biddle hires insurance pro in California
Dan Brown is based in the firm’s San Francisco office. He was previously a partner at Dentons wher Read more

Christina Kindstedt joins Advantage Insurance
Advantage Insurance has appointed Christina Kindstedt as senior vice president Read more

Delaware to allow captives to go dormant
Arkansas and Montana introduced legislation proposing a dormant status for captives last month Read more

Captive Insurance Times site map
Home
Home

Sitemap

Issue archive
Back issues online
Recruitment
Recruitment
Events andtraining
Upcoming events

Upcoming training

Company info
About us

Contact us


Copyright (C) 2013 Black Knight Media Ltd. All rights reserved. No reproduction without prior authorization