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  4. > Governance, Risk and Compliance – The Mauritian Insurance Industry

Synopsis
Timetric’s 'Governance, Risk and Compliance – The Mauritian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Mauritius.

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 Timetric’s 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.

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

- An overview of the insurance regulatory framework in Mauritius.

- The latest key changes, and changes expected in the country’s 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 Mauritius.

- 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.

Scope
- The report covers details of the insurance regulatory framework in Mauritius.

- 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 country’s 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 Mauritius.

- Track the latest regulatory changes, and expected changes impacting the Mauritian 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 Mauritian insurance industry is governed by the Financial Services Commission

- Motor-third party liability insurance, pleasure craft third-party liability insurance, passenger liability for pleasure craft owners, professional indemnity insurance cover for brokers, marine oil pollution insurance, clinical trials liability and workmen’s compensation are the classes of compulsory insurance in Mauritius.

- Non-admitted insurance is not permitted in the Mauritian insurance industry

- 100% FDI is permitted in the Mauritian insurance industry.

- Composite insurance is not permitted in the Mauritian insurance industry.



Table Of Contents

Governance, Risk and Compliance - The Mauritian Insurance Industry
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 Motor third party liability insurance
2.4.2 Craft third-party liability insurance
2.4.3 Workmen's compensation
2.4.4 Marine oil pollution insurance
2.4.5 Professional indemnity insurance for brokers
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 African Insurance Organization
2.5.3 Committee of Insurance, Securities and Non-Banking Financial Authorities
2.5.4 Financial Services Commission
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 margin
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 Timetric's Services
3.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Mauritius - Insurance Regulatory Framework Key Features
Table 3: Mauritius - Life Insurance Regulatory Framework
Table 4: Mauritius - Property Insurance Regulatory Framework
Table 5: Mauritius - Motor Insurance Regulatory Framework
Table 6: Mauritius - Contribution to Hit and Run Sub-fund
Table 7: Mauritius - Liability Insurance Regulatory Framework
Table 8: Mauritius - Capital Requirement for Captive Insurance Companies
Table 9: Mauritius - Fee for Carrying on Insurance Business
Table 10: Mauritius - Fee for Insurance Intermediaries
Table 11: Mauritius - Corporate Tax Rates for the Financial Year 2016


List of Figures
Figure 1: Mauritius - Insurance Supervision and Control at Various Levels
Figure 2: Mauritius - Insurance Regulatory Frameworks for Company Registration and Operation

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