Regulatory Alerts2012-01-01
Exemptions under the Insurance (Restriction of Insurers) Regulations 2012 Guidelines
The Financial Services Authority of Seychelles has issued guidelines establishing the criteria and process for obtaining exemptions that permit insurance contracts with non-domestic insurers to cover risks related to assets situated in Seychelles. Applicants must demonstrate that local FSA-licensed insurers cannot cover the specific risk, submit complete documentation including formal quotes and renewal notices, and apply annually on a case-by-case basis. The Authority reserves the right to reject applications containing false or misleading information, impose specific conditions in approval letters, and requires written notification of any material changes within seven days.
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