Regulatory Alerts2020-01-01
Circular No. 6 of 2020: Prohibition of Fronting Arrangements
The Financial Services Authority of Seychelles requires all licensed insurance companies to structure reinsurance through traditional facultative, treaty, or coinsurance arrangements under the Codes of Reinsurance Arrangements. This directive supersedes prior fronting directives and restricts insurers from placing locally based assets outside Seychelles unless qualifying reinsurance contracts or specific capacity exemptions apply. All arrangements remain governed by the Insurance Act 2008 alongside the updated regulatory framework.
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