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Governance, Risk and Compliance - The Seychellois Insurance Industry

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Published Date : Jan 2017

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No. of Pages : 47 Pages

Timetrics 'Governance, Risk and Compliance The Seychellois Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Seychelles.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together Timetrics research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Seychelles, including:

An overview of the insurance regulatory framework in Seychelles.

The latest key changes, and changes expected in the countrys insurance regulatory framework.

Key regulations and market practices related to different types of insurance product in the country.

Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Seychelles.

Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

Details of the tax and legal systems in the country.

The report covers details of the insurance regulatory framework in Seychelles.

The report contains details of the rules and regulations governing insurance products and insurance entities.

The report lists and analyzes key trends and developments pertaining to the countrys insurance regulatory framework.

The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

The report provides details of taxation imposed on insurance products and insurance companies.

Reasons To Buy
Gain insights into the insurance regulatory framework in Seychelles.

Track the latest regulatory changes, and expected changes impacting the Seychellois insurance industry.

Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.

Understand key regulations and market practices pertaining to various types of insurance product.

Key Highlights
The FSA is the government regulatory body responsible for supervising and regulating the Seychellois insurance industry.

Composite insurance license is not issued by the FSA; however, a professional reinsurer may carry out both life and non-life insurance business. In addition, an insurer whose one class of insurance business is incidental, in terms of premium income, to the principal insurance business may be authorized by the FSA to carry out both life and non-life insurance business.

The government permits 100% foreign direct investment in the Seychellois insurance industry.

Insurance policies issued in the country are exempt from premium taxes.

The placement of non-admitted insurance is not permitted.

Table of Contents
1 Introduction
1.1 What is this Report About?
1.2 Definitions
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Social security system
2.4.2 Motor third-party liability insurance
2.4.3 Aircraft passengers, baggage and cargo liability insurance
2.4.4 Liability insurance for ship owners
2.4.5 Liability for ships with respect to oil pollution
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 The Seychellois Financial Supervisory Authority
2.6 Non-Admitted Insurance Regulation
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetrics Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Seychelles Insurance Regulatory Framework Key Features
Table 3: Seychelles Life Insurance Regulatory Framework
Table 4: Seychelles Property Insurance Regulatory Framework
Table 5: Seychelles Motor Insurance Regulatory Framework
Table 6: Seychelles Liability Insurance Regulatory Framework
Table 7: Seychelles Corporate Tax Rates for the Financial Year 2016

List of Figures
Figure 1: Seychelles Insurance Supervision and Control at Various Levels
Figure 2: Seychelles Insurance Regulation of Company Registration and Operation

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