What you need to know about Non-Domestic Insurance - Seychelles

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

 

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