Regulatory Alerts2020-08-14
Insurance Broker or Insurance Agent Guidelines
The Financial Services Authority of Seychelles has issued these guidelines to standardize the licensing application process for Insurance Agents and Insurance Brokers under the Insurance Act, 2008. Applicants must submit comprehensive documentation, including incorporation certificates, personal questionnaires, audited financial statements, and professional indemnity insurance quotes, alongside specified application fees of SCR 2,500 for agents and SCR 5,000 for brokers. The Authority will process complete applications within thirty working days, assess fitness and propriety, grant one-year renewable licences subject to annual fees and compliance obligations, and retain supervisory powers to impose conditions or revoke licences.
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