Regulatory Alerts2020-06-25
Reinsurer Guidelines
The Seychelles Financial Services Authority has issued these guidelines to establish the application criteria, documentation requirements, and licensing process for entities seeking approval as a Reinsurer under the Insurance Act 2008. Applicants must submit a comprehensive package including constitutional documents, financial statements, actuarial valuations, and fit-and-proper declarations alongside a SCR 25,000 application fee to trigger a thirty-day regulatory review. Upon approval, licensees must maintain ongoing compliance through annual renewals costing SCR 300,000, mandatory audited accounts, and timely notifications of material changes while remaining subject to the Authority’s supervisory powers to impose conditions or revoke licenses.