The Insurance Act, 2008 has brought modernization and greater flexibility within the regulatory framework of the Seychelles Insurance industry. Provisions are made for a wide variety of products including captive insurance, reinsurance, short-term and long-term insurance.
All non-domestic insurers must, at a minimum, have a locally licenced principal insurance representative or a company secretary. The principal representative is responsible for maintaining the records of the company, filing of returns and acting as the point of contact in Seychelles.
The key features include:
- Legal Framework: Insurance Act, 2008.
- Laws, regulations and codes are aligned with the International Association of Insurance Supervisors (IAIS) standards and principles.
- Activities of agents, brokers and managers are licensable.
- Foreign auditors and actuaries may be appointed, subject to the Authority’s approval.
- An insurance business may be structured as a Protected Cell Company (PCC).
- Minimum paid up capital requirement.
For more information contact www.fsaseychelles.sc