Regulatory Alerts2008-01-01
Insurance Act 2008
The Central Bank of Seychelles, designated as the regulatory Authority, enacted this legislation to establish a comprehensive licensing and supervisory framework for all insurance business conducted within or from Seychelles. The Act mandates strict solvency margins, technical reserves, and corporate governance standards for insurers while imposing specific licensing, reporting, and fiduciary obligations on agents, brokers, managers, and claims professionals. It further empowers the Authority to conduct inspections, enforce remedial measures, suspend or revoke licenses, and administer policyholder protection funds to ensure market stability and fair consumer treatment.
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