Regulatory Alerts2024-01-01
Insurance (Returns) Rules 2024
The Financial Services Commission of Mauritius has issued the Insurance (Returns) Rules 2024 to mandate insurers to submit detailed regulatory returns for general, long term, and reinsurance business. These rules require compliance through specified forms outlined in the First, Second, Third, and Fourth Schedules. Effective 9 September 2024, the new rules supersede the Insurance (Returns) Rules 2007 and establish updated reporting obligations under Section 49(2) of the Insurance Act.
LEGAL SUPPLEMENT I54I to the Government Gazette of Mauritius No. 95 of l4 September 2024 Government Notice No. 177 of 2024 THE INSURAI\CE ACT FSC Rules made by the Financial Services Commission under Section 130 of thelnsuranceAct
- These Rules may be cited as the Insurance (Retums) Rules 2024.
- In these Rules - "Act" means the Insurance Act; "Commission" has the same meaning as in the Financial Services Act.
- An insurer shall furnish to the Commission the returns pursuant to section 49 (2) of the Act, in respect of - (l) its general insurance business, in accordance with Forms A0, Al, A2, A3, A4, A5, A6, A7, Ag, Ag, A 10, A1 1, A12, A13, L0, Ll,Lz, L3, L4, L5, L6, L7, IRO, IRl, IR2, IR3, IR4, IR5, IR6, IR7, IR8, IR9, IR10, IRll, IR12, I0, Il,I2, 13,14,15, 16, 17, Ig, Ig, pL0, pLl,pLz, pL3, C0, CI, C2, c3,c4,c5,c6,c7,c9, cg, c10, cll,cl2, Rl, R2, R3, R4, R5, R6, R7 and R8 under the First Schedule; (2) its long term insurance business, in accordance with Forms A0, A1, A2, A3, A4, A5, A6, A7, Ag, Ag, Al0, A1l, AI2, Al3, L0, LI, L2, L3, L4, L5, L6, L7, IR0, IRl, IR2, IR3, IR4, IR5, IR6, IR7, IR8, IRg, IRl0, I0, r1,12,13,r4,15, 16, 17,18,19, PLO, pLl,pLz, pL3, C0, CL,C2,C3,C4,C5, c6, c7, c8, cg, c10, cl1, Rl, R2, R3, R4, R5, R6, R7, R8 and R9 under the Second Schedule.
- Areinsurer shall furnish to the Commission the returns pursuant to section 49 (2) of the Act, in respect of -
t542 Government Notices 2024 (1) its general reinsurance business, in accordance with Forms A0, Al, A2, A3, A4, A5, A6, A7, A8, A9, Al 0, Al l, Al2, A13, L0, Ll, L2, L3,L4, L5, L6, L7, IR0, IRl, IR2, IR3, IR4, IR5, IR6, IR7, IR8, IR9, IRlO, IRl1, IRl2, IO, I1, 12, 13,14,15,16,17,18,I9, pLO, pLr,PLz, PL3, C0, Cl,C2, c3,c4,c5,c6,c7,c8, c9, c10, cll,c12, Rl, R2, R3, R4, R5, R6, R7, and R8 under the Third Schedule; (2) its long term reinsurance business, in accordance with Forms A0, A 1, A2, A3, A4, A5, A6, A7,A8, A9, A I 0, A I l, A12, Al 3, L0, Ll, L2, L3, L4, L5, L6, L7, IR0, IRl, IR2, IR3, IR4, IR5, IR6, IR7, IR8, IR9, IRlO, IO, I1, 12,13,T4, 15,16,I7,I8,19, pL0, pLl,pLz, pL3, C0, Cl,C2,C3,C4, c5, c6, c7, cg, cg, clo, cl1, Rl, R2, R3, R4, R5, R6, R7, R8 and R9 under the Fourth Schedule. 5. The Insurance (Returns) Rules 2007 are herebyrevoked. 6. These Rules shall be deemed to come into operation on 9 September 2024. Made by the Financial Services Commission on 5 September 2024.