Insurance Regulations
Insurance business in
Mauritius is governed by the Insurance Act of 2005, and the Insurance
Regulations of 2007. Under the Financial Services Development Act 2001, the
Financial Services Commission took over the Regulatory and Supervisory role of
the Controller of Insurance within the Ministry of Economic Development,
Financial Services and Corporate Affairs.
General and Reinsurance
Business Insurance
In the case of insurers carrying on
general insurance or reinsurance business, the value of its admitted assets
shall exceed the amount of its admitted liabilities by not less USD 200,000
or 15% of the premium income net of reinsurance premiums in the preceding
financial year, whichever is higher.
The stated capital obligations of an insurer according to the class of insurance business.
| Class of Insurance Business | Amount |
| General Insurance Business | US$ 200,000 or equivalent in another currency |
| Long Term Insurance Business | US$ 250,000 or equivalent in another currency |
| Reinsurance Business | US$ 300,000 or equivalent in another currency |
| Captive Insurance Business | US$ l00,000 or equivalent in another currency |
As
per the Regulations made under the Financial Services Development
Act, 2001, no insurer shall carry out insurance business unless its
stated capital is not less than the amount set out in respect of the
corresponding class of
insurance business.