PRESS RELEASE

Dialogue and collaboration with industry at the heart of FSC’= s initiatives

The Commiss= ion promotes a consultative and collaborative approach with the financial servi= ces industry as a whole, says Chief Executive.

The Financial Services Commission’s Chief Executive, Mr Milan J.N. Meetarbhan = restated the Commission’s business friendly approach to regulation and shared = his views on the regulator’s role and function; dialogue and collabora= tion with industry stakeholders is at the heart of the Commission’s initiatives. Mr Meetarbhan= was the guest speaker of the Insurers’ Associatio= n of Mauritius (IAM) and addressed members of the association on the occasion of= the IAM’s Annual General Meeting in Port Loui= s on 28 March 2007.

“As a regulator for the non-banking financial services sector, the Commission is duty-bound to take appropriate regulatory action where it dee= ms it necessary to intervene, and as provided by the law, in order to maintain= the integrity of the financial system, uphold the good repute of the jurisdicti= on and where necessary protect the interests of consumers,” he recalled.=

Dialogue precedes regulatory action

Mr Meetarbhan emphasized the Commission’s purposive approach in taking regulatory action; dialogue= and collaboration come first: “We give serious consideration to the impac= t of every single regulatory action we propose to take. We will not unnecessarily and unjustifiably rush into taking regulatory action. We have and will cont= inue to look for remedial action through dialogue with our licensees.”

“However, when we reach the point where the dialogue is not leadi= ng anywhere and moral suasion is not enough then, if we have no choice but to invoke our statutory powers to protect the interests of the jurisdiction and the interests of consumers, we will have to do so. Indeed, failing to act w= ould be a serious dereliction of duty,” he highlighted.

“I am confident that the industry, consumers and the economy in general will benefit from timely and effective action by the regulator. I am happy to put on record the support expressed by many of your members for su= ch timely action by the regulator,” he added.

Mr Meetarbhan said he belie= ves that both the industry and the regulator should have a shared vision and commitment, aimed at expanding and modernising = the insurance sector, enhancing the scope for future growth and creating the synergy required for a dynamic insurance sector.

FSC and IAM have had regular and constructive meetings over the past mo= nths to discuss several issues relating to the industry, in particular regulatio= ns to be made under the forthcoming Insurance Act. “The opportunities we have had to discuss major challenges facing the insurance industry are part= of an enhanced effort by the Commission to promote a consultative and collaborati= ve approach with the financial services industry as a whole,” he conclud= ed.