Regulatory Alerts2022-05-23
Codes on Claims Management
The Financial Services Authority of Seychelles has issued the Codes on Claims Management to establish binding best practices for all licensed insurance and reinsurance companies. The regulations mandate fair, prompt, and efficient claims handling through standardized notification channels, documented internal procedures, and clearly defined time limits for processing and settlement across various insurance classes. Insurers must implement robust fraud detection and reporting systems, maintain competent staff, conduct regular internal audits, and resolve policyholder complaints through transparent dispute resolution mechanisms.
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