Government of the Federated States of Micronesia

New Public Law Creates Insurance Board and Another Covers College Scholarships for Qualified High School Valedictorians

Palikir, Pohnpei (FSM Information Services): July 8, 2010 – On June 29, 2010, Congressional Acts No. 16-38 and 16-40 were signed into law by President Mori.

Congressional Act No. 16-38, becoming Public Law No. 16-38, separates the functions of the Insurance Board from the Banking Board; pursuant to this law, the banking and insurance industries will be clearly regulated separately. President Mori will be appointing three members to the newly-created Insurance Board.

Congressional Act No. 16-40, becoming Public Law No. 16-40, establishes a National Merit Scholarship Program to award scholarships of up to $25,000 per year for up to four years, to selected High School Valedictorians, for their tuition fees at the college or university of the Valedictorian’s choice.

President Mori allowed Congressional Act No. 16-39 to become law without his signature, to signal his consternation on government planning practices. Congressional Act No. 16-35, becoming Public Law No. 16-39, changes the use of certain funds previously appropriated for funding economic and social projects and programs for the States of Chuuk, Pohnpei and Yap. Mori emphasized to Speaker Figir the need for better planning practices regarding State projects to avoid repeated amendments to public plans apportioning project funds.