Captive Insurance Refresher by Jessica Schade from Lockton New Zealand Ltd
On 3 May, 2022 representatives from Cook Islands Trust Ltd, Southpac Trust Ltd, Trustees & Fiduciaries (Cook Islands) Ltd and Portcullis (Cook Islands) Ltd attended a refresher training session on Captive Insurance hosted by Jessica Schade, Head of Captives & Alternative Risk Transfer at Lockton New Zealand. The purpose of this refresher was to inform trust companies on how they can assist their clients with captive insurance services.
In 2013, Cook Islands passed the Captive Insurance Act as part of its long term strategy to develop the international financial services industry.
Captive Insurance is essentially self-insurance allowing a company or groups of companies to provide adequate coverage of their risk at a lower cost than through large insurers. The legislation is the first in the industry to also allow domestic companies to avail themselves of the service by forming a captive through a Cook Islands company.
"The Cook Islands is recognised as a well regulated jurisdiction with the capacity to administer captive insurance structures. We were honoured to meet with Jessica Schade, who provide us with in-depth knowledge about captive insurance. We are looking forward to expand our relationships and the range of financial services we offer internationally." (Marie Francis, CEO of Cook Islands Finance)