Insurance and Pensions
The Financial Services Commission (FSC) Mauritius regulates and supervises the insurance sector to ensure a robust, fair, and stable financial ecosystem. Under the Insurance Act 2005, the FSC licences and supervises insurers, reinsurers, insurance intermediaries and Insurance Claims Professionals aligning with the International Association of Insurance Supervisors (IAIS) standards.
The Captive Insurance Act ('the Act') proclaimed on 29 January 2016 provides for the licensing, regulation and supervision of captive insurance business in Mauritius which is categorised into pure captive insurance business and third-party captive insurance business.
Our mission is to protect policyholders, promote financial stability, and foster innovation in Mauritius’ insurance industry, positioning the jurisdiction as a leading international financial centre.
Mauritius’ insurance sector is a cornerstone of its financial services industry, contributing significantly to economic growth and stability. The sector encompasses long-term insurance, general insurance, reinsurance, and captive insurance, supported by a robust regulatory framework that emphasizes capital adequacy, solvency, corporate governance, and policyholder protection.
Mauritius has a rich tradition of voluntary private pension schemes, primarily sponsored by private sector employers to provide pension benefits to their employees at retirement, over and above the state pension. These private pension schemes either have a defined benefit, defined contribution plans or a hybrid of both. Private pension schemes constitute the lifelong savings of individuals including those who may not be conversant with the financial services. It is therefore, important to regulate and supervise private pension schemes so as to ensure their reliability and to safeguard the best interests of contributors who save for their retirement.
With the coming into force of the Private Pension Schemes Act 2012 (‘PPSA’) as from 1 November 2012, the FSC Mauritius becomes the sole regulator and supervisor of the private pensions industry in Mauritius and is mandated to ensure that private pension schemes operating in Mauritius comply with the law in order to maintain a fair, safe, stable and efficient private pension industry. The FSC Mauritius is the authority which:
- license and authorise private pension schemes;
- enforce compliance with prudential requirements;
- apply the fit and proper requirements to persons constituting the governing body of private pension schemes; and
- intervene in the event of misconduct of a licensed or authorised private pension schemes.
The FSC Mauritius regulates the conduct of pensions industry through prudential supervision with the aim of providing enhanced protection to beneficiaries and fostering the industry’s growth, development and stability.
The PPSA and the FSC Rules made thereunder adheres to internationally acceptable supervisory and regulatory standards such as the IOPS (International Organisation of Pension Supervisors) and the OECD (Organisation for Economic Co-operation and Development).
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.