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.