The Asian Captive Conference (ACC) 2024, co-hosted by Labuan IBFC and the Labuan International Insurance Association (LIIA), is designed to “foster growth and innovation across the region”.
Datuk Iskandar Mohd Nuli, executive chairman and CEO of Labuan IBFC, made the statement during his welcome speech at the event, which took place yesterday at the Sime Darby Convention Centre in Kuala Lumpur.
Nuli emphasised Labuan IBFC's status as the region's leading captive domicile, as evidenced by numerous awards that underlines its position as the preferred jurisdiction for captives in both Europe and Asia.
He 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.”
The conference, with Captive Insurance Times as a media partner, saw over 200 attendees, including regulators from Cambodia, Hong Kong, and India’s insurance industry; professionals, investors, and service providers from the global captive industry; representatives from government agencies; and the media.
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 keynote speech, Nik Mohamed Din Nik Musa, director general of the Labuan Financial Services Authority (Labuan FSA), remarked the importance of regulations evolving in parallel with corporations’ increasing insurance demands for alternative risk management vehicles.
He further commented: “The captive omnibus guidelines issued by Labuan FSA have resulted in more innovative applications of Labuan captive structures. This reflects Labuan FSA’s recognition of the Labuan captive sector’s growing maturity and higher technical capabilities to underwrite more complex risks.”
ACC 2024 opened with a presentation on how captive insurance aligns with the Organisation for Economic Co-operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) 2.0 rules, addressing global reporting, strategic value, and capital expense management.
The event continued with a comparison of top captive insurance domiciles, focussing on their regulations, features, benefits, and risk management enhancements.
In the afternoon, a panel explored using captives for employee benefits, highlighting better control, cost savings, and improved data management. Two afternoon breakout sessions catered to both newcomers and seasoned practitioners: Captive 101 and Advanced Captive.
The event concluded with a panel on using technology in captive insurance, including AI, with closing remarks from LIIA chairwoman Annie Undikai.
The next ACC will take place in 2026.
