21 September 2024
KUALA LUMPUR: The Asian Captive Conference (ACC) 2024, co-hosted by Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.) and the Labuan International Insurance Association (LIIA), took place yesterday at the Sime Darby Convention Centre.
The event attracted over 200 attendees, including regulators from Cambodia, Hong Kong (China), and India’s insurance industry, as well as professionals, investors, and service providers from the global captive industry, alongside representatives from government agencies and the media.
Datuk Iskandar Mohd Nuli, Executive Chairman and CEO of Labuan IBFC Inc., delivered the welcoming remarks, emphasising Labuan IBFC’s status as the premier captive domicile in the region. He highlighted the numerous awards the jurisdiction has received, reinforcing its position as the preferred choice for captives in both Europe and Asia.
Datuk Iskandar also underscored the conference’s significance 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 while fostering growth and innovation across the region.”
The keynote address was presented by Nik Mohamed Din Nik Musa, Director General of the Labuan Financial Services Authority (Labuan FSA).
In his speech, he stressed the importance of evolving regulations to meet the increasing insurance demands of corporates seeking alternative risk management solutions.
He remarked, “The captive omnibus guidelines issued by Labuan FSA have led to more innovative applications of Labuan captive structures, reflecting the sector’s growing maturity and enhanced technical capabilities to underwrite complex risks.”
The conference commenced with a presentation and panel discussion on how captive insurance aligns with the new OECD BEPS 2.0 rules. Topics included global reporting, the strategic value of captives, and innovative approaches to managing capital expenses.
This was followed by a comparative analysis of leading captive insurance locations, examining their features, regulations, and benefits, while exploring ways to enhance risk management and insurance practices.
Subsequently, a panel focused on utilising captives for managing employee benefits, emphasising improved control, cost reduction, and enhanced data management.
In the afternoon, two concurrent breakout sessions were held: “Captive 101” for newcomers and “Advanced Captive” for seasoned practitioners, tailored to meet the diverse needs of participants in the captive insurance industry.
ACC 2024 concluded with an engaging panel discussion on leveraging technology to enhance captive insurance products, including a deep dive into the intersection of the digital economy and artificial intelligence. Annie Undikai, Chairwoman of the LIIA, delivered the closing remarks, summarizing the key takeaways from the event.
