Mauritius Financial Sector Assessment Program : IAIS Insurance Core Principles
This assessment focused on the supervision and regulation of the insurance sector and the role of the Financial Services Commission (FSC) in Mauritius. The FSC has responsibility for licensing and supervision of all players in the insurance market-...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/150501468056936307/Mauritius-Financial-sector-assessment-program-IAIS-insurance-core-principles http://hdl.handle.net/10986/26834 |
| Summary: | This assessment focused on the
supervision and regulation of the insurance sector and the
role of the Financial Services Commission (FSC) in
Mauritius. The FSC has responsibility for licensing and
supervision of all players in the insurance market-insurance
companies, distributors; loss adjusters; reinsurance
companies; reinsurance brokers, and actuaries and auditors.
This report relates to a dedicated assessment mission
conducted in July 2011. The FSC maintains a fairly detailed
website that contains copies of relevant laws and
regulations applicable to insurance companies in Mauritius.
Also available on the website are copies of guidelines of
general application that have been issued to the insurance
companies, statistics of the industry's performance,
and copies of the annual reports issued by FSC. In addition
to its discussions with FSC personnel, mission members met
with representatives of the trade association and with
executives of a representative sample of companies, both
life and general insurance, operating in the market. Other
contacts included brokers and auditors. The insurance sector
in Mauritius is material although not fully developed in
terms of size. Insurance premium stands at MUR 17.5 billion
represented at 68 percent life and 32 percent non-life
insurances. Life insurance growth has been more impressive
than non-life insurance performance. Although both segments
have shown healthy nominal growth rates, real growth has
been less spectacular for the non-life sector. Interpreting
non-life sector premium performance can be confused by
global pricing cycles. |
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