Regulatory Alerts2016-01-01
Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2016
The Financial Services Commission issued these 2016 rules to amend Mauritius' captive insurance licensing framework by updating the First Schedule of the principal 2008 regulations. The amendment establishes a standardized classification table that assigns specific licence codes (CI-1.1 and CI-2.1), mandates a US$2,000 processing fee for pure captive businesses, and sets fixed annual fees of up to US$1,500 for captive insurance agents. These revised fee structures and code classifications take immediate effect upon gazette publication to standardize regulatory compliance for market participants.
The text below is an internet version of the Rules made by the FSC under section 93 of the Financial Services Act 2007 and is for information purposes only. Whilst reasonable care has been taken to ensure its accuracy, the authoritative version is the one published in the Government Gazette of Mauritius. (GN No. 17 of 2016) FINANCIAL SERVICES ACT FSC Rules made by the Financial Services Commission under section 93 of the Financial Services Act
- Citation These Rules may be cited as the Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2016.
- Interpretation In these Rules – “principal Rules” means the Financial Services (Consolidated Licensing and Fees) Rules 2008.
- The principal rules amended The First Schedule to the principal rules is amended, in part 1, by adding the following new tableCaptive Insurance Business Code Licence/Authorisation Relevant section of Captive Insurance Act Processing Fee (US$) Fixed Annual Fee (US$) CI-1.1 Pure Captive Insurance Business
S 7
2,000 CI-2.1 Captive Insurance Agent
S 9 1,000 1,500 Made by the Financial Services Commission on 29 January 2016.