Regulatory Alerts2009-01-01
Insurance (Non-Domestic Insurance Business) Regulations 2009
Issued by the Seychelles Minister of Finance under the Insurance Act 2008, these regulations establish comprehensive licensing and operational frameworks for non-domestic insurers. The rules mandate specific paid-up capital thresholds, tiered solvency margins based on net premium income, and strict prohibitions on bearer shares and unauthorized foreign offices. Licensees must submit detailed application documentation, report material changes within thirty days, ensure management possesses adequate insurance expertise, and promptly notify the Authority of client irregularities.
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