Regulatory Alerts2007-01-01
Insurance (Statutory Reinsurer) Rules 2007
The Financial Services Commission of Mauritius issued these rules under the Insurance Act 2005 to formally designate the African Reinsurance Corporation as an approved statutory reinsurer. This designation ensures the corporation qualifies for compulsory risk cession under Section 9(5)(b) of the Act, facilitating regulatory compliance for domestic insurers. The rules were executed on 28 September 2007 and are deemed to have come into operation on that same date.
The text below is an internet version of the rules issued by the Commission under the Insurance Act 2005 and is for information purpose only. Whilst reasonable care has been taken to ensure its accuracy, the authoritative version is the one published in the Government Gazette of Mauritius. INSURANCE (STATUTORY REINSURER) RULES 2007 FSC Rules made by the Financial Services Commission under section 130 of the Insurance Act
- These rules may be cited as the Insurance (Statutory Reinsurer) Rules 2007.
- “Act” means the Insurance Act; “Commission” has the same meaning as under the Financial Services Act; “statutory reinsurer” has the same meaning as under the Insurance Act.
- For the purposes of the Insurance (Compulsory Cession of Risks) Regulations 2007, the African Reinsurance Corporation shall be deemed to have been approved as a statutory reinsurer under Section 9 (5)(b) of the Act.
- These rules shall be deemed to have come into operation on 28 September 2007. Made by the Financial Services Commission on 28 September 2007. 1