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The Insurance Sector

 

 Insurance - Swan, the leading financial solutions provider in Mauritius for insurance, retirement planning, wealth management and stockbroking.Text In Process

 mauritius margin of solvencyGeneral 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 US$ 200,000 or 15% of the premium income net of reinsurance premiums in the preceding financial year, whichever is higher.

 Insurance - Classes of Insurance Business in Mauritius which coverage of risks relating to various classes 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

Insurance - Mauritius Stated Capital of Insurer and overseas currency.As per the Regulations made under the Financial Services Development Act, 2001, no insurer shall carry on insurance business unless its stated capital is not less than the amount set out below in respect of the corresponding class of insurance business.

 Insurance - The Definition of Classes of Insurance Business in Mauritius which acts as a form of protection from financial loss."Life Assurance Business" means the business of undertaking liability under contracts upon human life or contracts to pay annuities on human life, but excludes permanent health insurance business and personal accident insurance business.
"Pension Business" means the business of effecting and carrying on of:
(a) contracts to manage pension funds or investment of pension funds;
(b) contracts of the kind mentioned in paragraph (a) that are combined with the contract of insurance covering either conservation of capital or payment of a minimum interest; or
(c) contracts on a group basis to provide pensions during the lifetime of employees as from their retirement and to their dependants should they die in service or on pension.

Insurance Mauritius - The classification of business insurance of persons engaged in business, risks and essential tool.Long Term Insurance business means insurance business of any or substantially any one of the following classes:
(a) life assurance business;
(b) pension business; or
(c) permanent health insurance business.