Regulatory Alerts2012-01-01
Insurance (Restriction of Insurers) Regulations 2012
Issued by the Vice-President and Minister of Finance and Trade of Seychelles, these regulations require all persons to secure insurance for assets situated locally through insurers licensed in the country. The mandate excludes contracts concluded before March 1, 2012, reinsurance agreements, and specific cases where the regulatory Authority grants exemptions for unique risk circumstances. Effective March 1, 2012 under the Insurance Act of 2008, the rules apply to all real and personal assets within Seychelles, including registered ships and aircraft.
[27th February 2012] Supplement to Official Gazette 9
S.I. 4 of 2012
INSURANCE ACT
(Act 11 of 2008)
Insurance (Restriction of Insurers) Regulations, 2012
In the exercise of the powers conferred by sections 124 and 5(1) (b) of the Insurance Act, 2008, Vice-President and the Minister of Finance and Trade hereby makes the following Regulations ---
1. These Regulations may be cited as the Insurance (Restriction of Insurers) Regulations, 2012 and shall come into force on 1st March, 2012.
2. In these regulation ---
"assets" means real or personal assets of persons whose principal place of business or residence is in Seychelles including ships and aircrafts registered and operating in or within Seychelles.
3. A person shall not enter into an insurance contract with an insurer, other than an insurer licensed in Seychelles to cover risks relating to assets situated in Seychelles.
4. Regulation 3 shall not apply to ---
(a) insurance contract entered prior to 1st March, 2012;
(b) reinsurance contracts; or
10 Supplement to Official Gazette [27th February 2012]
(c) exemptions granted by the Authority where the circumstances and the nature of the relevant risk cannot be insured with an insurer licensed in Seychelles.
MADE this 20th day of February, 2012.
DANNY FAURE VICE-PRESIDENT AND MINISTER OF FINANCE AND TRADE