Insurance laws Seychelles
Seychelles' insurance sector is governed by a comprehensive legal and regulatory framework aimed at ensuring market stability, consumer protection, and alignment with international standards.
š Key Legislation
Insurance Act, 2008
The Insurance Act, 2008, serves as the primary legislation regulating the insurance industry in SeychellesIt outlines the establishment, oeration, and supervision of insurance companies, as well as the protection of policyholders and creditorsThe Act has been amended over time to address emerging issues and align with international best practices
Insurance (Amendment) Act, 2018
īThis amendment to the Insurance Act, 2008, introduced several key changes to enhance the regulatory framework, includingīī
-īStrengthening the licensing process for insurance companiesīī
Enhancing the powers of the Financial Services Authority (FSA) to supervise and regulate the insurance sector
Improving provisions related to the protection of policyholders
Insurance Fees Regulations, 2009
These regulations prescribe the fees payable by insurance companies for various services and licenses, ensuring that the FSA has the necessary resources to effectively regulate the insurance industry
šļø Regulatory Authority
Financial Services Authority (FSA)
īThe FSA is the autonomous regulatory body responsible for overseeing the non-bank financial services sector in Seychelles, including insuranc. īEstablished under the Financial Services Authority Act, 2013, the FSA's responsibilities includ:
Licensing and regulating insurance companie.
Monitoring and supervising the conduct of business in the insurance secto.
Ensuring compliance with regulatory and compliance requirement.
Protecting the interests of policyholders and maintaining the integrity of the insurance marke.
š Market Structure and Requirements
*Capital Requirements
Insurance companies in Seychelles are required to maintain a minimum paid-up capital to ensure financial stability and solveny For both general and long-term insurance licenses, the minimum paid-up capital is set at US$100,000 or its equivalent in a currency that is fully convertible to other internationally accepted currencis
This capital must be maintained in a Seychelles bank account at all tims Both domestic and non-domestic insurers are subject to this requiremet.
*Principal Insurance Representative (PIR)
īNon-domestic insurance companies operating in Seychelles are required to appoint a Principal Insurance Representative (PIR) if they do not have a physical presence in the county The PIR can be a registered agent or the company secretary, subject to approval from the FA.
š§¾ Consumer Protection and Dispute Resolutin
īThe FSA is committed to protecting the interests of policyholdersby:
Ensuring that insurance companies adhere to regulatory standads.
Monitoring the financial health of insurers to ensure they can meet their obligations to policyholdrs.
Providing mechanisms for the resolution of disputes between insurers and policyholdrs.
Policyholders can file complaints with the FSA if they believe their rights have been violated or if they have disputes with their insurance providrs.
Seychelles' insurance regulatory framework aligns with international standards, including those set by the International Association of Insurance Supervisors (II).The FSA actively participates in regional and international cooperation to enhance the development and stability of the insurance maket.
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