Insurance and Pensions

Insurance
Under the Insurance Act (IA), the FSC licenses insurance/reinsurance companies as well as insurance service providers (Insurance Broker, Insurance Agent (company /individual), Insurance Manager, Insurance Salesperson and Claims Professional) to conduct insurance business activities.

The IA is aligned with the International Association of Insurance Supervisors (IAIS) standards and principles and focuses on specific regulatory issues relating to capital adequacy, solvency, corporate governance, early warning systems and the protection of policyholders.

Applying for a licence - Insurance

Register of Licensees

Pensions
Mauritius has a long tradition of voluntary private pension provisions. The majority of these provisions are catered through defined benefit (DB) and defined contribution (DC) schemes established by private companies to provide pensions for their employees. These private pension schemes constitute the lifelong savings of individuals including those who may not be conversant with the financial services. As such, it is extremely important for such pension schemes to be well regulated and supervised in order to ensure their reliability as well as to safeguard the best interests of beneficiaries.

As from 1 November 2012, the Private Pension Schemes Act 2012 ('PPSA') has come into force. The PPSA provides for a comprehensive and modern regulatory and supervisory framework for the operation of private pension schemes. The FSC shall ensure that private pension schemes comply with provisions of the PPSA with a view to maintaining a fair, safe, stable and efficient private pension industry in Mauritius

The Private Pension Schemes Act is in line with the standards of international organisations such the IOPS (International Organisation of Pension Supervisors) and the OECD (Organisation for Economic Co-operation and Development).

Applying for a licence - Pension

Pure Captive Insurance
The Captive Insurance Act ('the Act') proclaimed on 29 January 2016 provides for the licensing, regulation and supervision of captive insurance business in Mauritius.

At present, the Act caters for pure captive insurance business, i.e. the business of undertaking liability restricted exclusively to the risks of the parent and affiliated corporations.

The Act sets down the requirement for a captive insurer to have, at all times, a captive insurance agent in Mauritius, who shall be either an actuary, an insurance manager, a law practitioner, a management company, a public accountant or such other person as may be approved.

Applying for a licence - Captive