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President Urusemal signs FSM's first insurance law

Palikir, POHNPEI (FSM Information Service): June 30, 2006 - President Joseph J. Urusemal has signed into law seven Congressional measures, among which includes the first Insurance Law of the Federated States of Micronesia.

Public Law 14-66, enacts a new Title 37 of the Code of the FSM to establish an Insurance Law for the FSM to regulate the emerging insurance community and its various responsibilities.

The President has noted in his transmittal letter to Speaker Peter M. Christian that the Government invites public comments from the various sectors of the community over the next few months for any amendments that may be needed in the new complex insurance law to ready them for transmittal at the next session of the Congress.

Along with the Insurance Law, the other signed from the Fourth Regular Session of the 14^th FSM Congress held May 11-19, are:

Public Law 14-61, which amends Title 55 of the FSM Code - Government Finance and Contract, to eliminate the requirement that Congress must amend the recommended National Government compact budget by means of a bill. The new law allows Congress to propose amendments by resolution.

Public Laws 14-62 and 14-63, both amend certain sections in a previous law pertaining to Chuuk's Election District 5. While PL 14-62, authorizes Chuuk State Commission for Improvement Projects as the allottee of the funds within that particular legislation. PL 14-36 meanwhile, is an override for additional funding towards the projects as noted within the legislation.

Public Law 14-64, is another override that changes the use and allottee of certain funds previously appropriated under Public Law No. 9-27.

Public Law 14-65, de-appropriate $83,333 from what is allotted in Public Law 12-50 to provide funding for contractual services to complete the Headquarters of the Tuna Commission.

Public Law 14-67, appropriates $2.1 million from the FSM General Funds for funding the noted Public Projects and Public Programs in each State. The funding is allotted on the basis of 150,000 per State Representative in the FSM Congress. Accordingly, the funding is apportioned as follows: the State of Chuuk (6) - 900,000; the State of Kosrae (2) - 300,000; the State of Pohnpei (4) - 600,000 and the State of Yap (2) - 300,000

The President had, along with the Public Laws, vetoed Congressional Act 14-87 which called for changes in the use of funds from an outer island airport to a junior high school. President Urusemal however, encouraged Congress to review the measure for re-introduction in the next session of Congress so that Pattiw Junior High School project receives the needed funding.