Regulatory Alerts2024-02-20
Added · Updated
Financial Services (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2024
The Financial Services Commission issued Amendment No. 3 to the Consolidated Licensing and Fees Rules 2024, updating the fee schedule for Captive Insurance Business licences. The revised First Schedule replaces the existing table with standardized processing and fixed annual fees ranging from USD 1,000 to USD 2,000 for business and agent categories, with non-Global Business Licence holders required to pay equivalent amounts in Rupees based on the Bank of Mauritius indicative exchange rate. These updated licensing requirements commence operation on 26 February 2024.
166 Government Notices 2024 Government Notice No. 33 of 2024 THE FINANCIAL SERVICES ACT FSC Rules made by the Financial Services Commission under Section 93 of the Financial Services Act
- These rules may be cited as the Financial Services (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2024.
- In these rules – “principal rules” means the Financial Services (Consolidated Licensing and Fees) Rules 2008.
- The First Schedule to the principal rules is amended, in PART I, by deleting the table for “Captive Insurance Business” and replacing it with the following new table – Captive Insurance Business Code Licence / Authorisation Relevant Section of Captive Insurance Act Processing Fee Fixed Annual Fee CI-1.1A Captive Insurance Business 7 USD 1,000** USD 2,000** CI-2.1 Captive Insurance Agent 9 USD 1,000** USD 1,500** **For applicant not applying for a Global Business Licence or corporation not holding a Global Business Licence, the corresponding fee in Rupees (Rs.) shall be calculated based on the Indicative Exchange Rate as computed by the Bank of Mauritius as at date of payment. Imac1–irfaan/Govt Notices 2024/the Financial Services (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2024 21.02.2024 - 1st Proof MIN
Government Notices 2024 167 Imac1–irfaan/Govt Notices 2024/the Financial Services (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2024 21.02.2024 - 1st Proof MIN 4. Commencement These rules shall come into operation on 26 February 2024. Made by the Financial Services Commission on 20 February 2024. Imac1–irfaan/Govt Notices 2024/the Financial Services (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2024 21.02.2024 - 1st Proof MIN