Regulatory Alerts2016-01-01
Financial Services (Funeral Scheme Management) Rules 2016
The Financial Services Commission of Mauritius issued these rules to regulate funeral scheme management businesses by mandating licensing, minimum capital reserves, and the strict segregation of client funds. Licensed managers must maintain asset-liability adequacy, secure professional indemnity insurance covering at least two million rupees, and submit regular actuarial solvency audits alongside annual business statements. Existing operators must obtain licences within six months of the rules' commencement, while all managers are required to keep investments in Mauritius and implement transparent complaints handling procedures for contract holders.
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