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 |
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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 |
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okr-10986-26834 |
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oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
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Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING ACTUARIAL REPORTS ACTUARIES AGENTS APPLICATIONS ASSET-LIABILITY MATCHING ASSETS AUDITORS BANK DEPOSIT BINDING CONSTRAINTS BROKER BROKERS CAPITAL ADEQUACY CAPITAL REQUIREMENTS CHECKS CLAIMANTS CODE OF CONDUCT COLLECTIVE INVESTMENT COMPENSATION COMPENSATION FUND CONFIDENTIALITY CONFLICTS OF INTEREST CONSUMER PROTECTION CONSUMERS CORPORATE GOVERNANCE CORPORATE GOVERNANCE FRAMEWORK CORPORATE GOVERNANCE STANDARDS COVERAGE CREDIBILITY DEPOSIT DEPOSITS DERIVATIVE DERIVATIVES DISCLOSURE REQUIREMENTS DIVIDENDS DOMESTIC MARKET DOMESTIC PORTFOLIO EMERGING MARKETS EQUITIES EXPOSURE EXPOSURES FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL REPORTING FINANCIAL RETURNS FINANCIAL SECTOR FINANCIAL SECTOR POLICY FINANCIAL SERVICES FINANCIAL STABILITY FIXED INTEREST FOREIGN COMPANIES FOREIGN EXCHANGE FOREIGN INSURERS FRAUD GENERAL INSURANCE GLOBAL BUSINESS GROUP INVESTMENTS GROWTH RATES HEALTH INSURANCE HOLDING INCOME INCOME SECURITY INFORMATION SHARING INSOLVENT INSURERS INSPECTIONS INSURANCE INSURANCE ACTIVITY INSURANCE AGENTS INSURANCE COMPANIES INSURANCE COMPANY INSURANCE CONTRACTS INSURANCE FRAUD INSURANCE GROWTH INSURANCE INDUSTRY INSURANCE MARKET INSURANCE MARKETS INSURANCE PENETRATION INSURANCE PREMIUM INSURANCE PRODUCTS INSURANCE REGULATIONS INSURANCE SUPERVISION INSURANCE SUPERVISORS INSURANCES INSURER INSURERS INTEGRITY INTERNAL AUDIT INTERNAL CONTROL INTERNAL CONTROLS INTERNATIONAL BANK INTERNATIONAL DEVELOPMENTS INTERNATIONAL STANDARD INVESTIGATIONS INVESTMENT ACTIVITIES INVESTMENT INCOME INVESTMENT OPPORTUNITIES INVESTMENT POLICIES INVESTMENT POLICY JURISDICTION JURISDICTIONS LAWS LEGAL CONSTRAINTS LEGAL FRAMEWORK LEGAL OBLIGATION LEGAL PROTECTION LEGAL PROVISIONS LEVIES LIABILITY LIFE INSURANCE LIFE INSURANCE PRODUCTS LIFE INSURANCES LIFE INSURERS LIQUIDITY LOCAL BUSINESS LOCAL CURRENCY LOCAL MARKET LONG TERM SAVING MARGIN REQUIREMENTS MARKET CONDITIONS MARKET DATA MARKET DEVELOPMENTS MARKET INFRASTRUCTURE MARKET PLAYERS MARKET PRACTICE MATURE MARKETS MATURITY MATURITY DATE MINIMUM CAPITAL REQUIREMENTS MONEY LAUNDERING MORTGAGES MOTOR INSURANCE NON LIFE INSURANCE NON-BANK NON-LIFE INSURANCE PENSION PENSIONS POLICYHOLDERS PORTFOLIO PORTFOLIO INVESTMENT PREMIUMS PRIVATE SECTOR DEVELOPMENT PROTECTION OF POLICYHOLDERS RATES RECIPROCITY RECOVERABLES REGULATORY AGENCY REGULATORY BODY REGULATORY CONSTRAINT REGULATORY FRAMEWORK REINSURANCE REINSURANCE ARRANGEMENTS REINSURANCE COMPANIES RESERVE RISK ASSESSMENT RISK MANAGEMENT RISK MANAGEMENT SYSTEM RISK MITIGATION RISK TAKING SAVINGS SHAREHOLDERS SOLVENCY SUPERVISORY AUTHORITY SUPERVISORY SYSTEM TERRORISM TRADE ASSOCIATION TRANSPARENCY TREATIES UNDERWRITING USE OF DERIVATIVES VALUATION |
| spellingShingle |
ACCOUNTING ACTUARIAL REPORTS ACTUARIES AGENTS APPLICATIONS ASSET-LIABILITY MATCHING ASSETS AUDITORS BANK DEPOSIT BINDING CONSTRAINTS BROKER BROKERS CAPITAL ADEQUACY CAPITAL REQUIREMENTS CHECKS CLAIMANTS CODE OF CONDUCT COLLECTIVE INVESTMENT COMPENSATION COMPENSATION FUND CONFIDENTIALITY CONFLICTS OF INTEREST CONSUMER PROTECTION CONSUMERS CORPORATE GOVERNANCE CORPORATE GOVERNANCE FRAMEWORK CORPORATE GOVERNANCE STANDARDS COVERAGE CREDIBILITY DEPOSIT DEPOSITS DERIVATIVE DERIVATIVES DISCLOSURE REQUIREMENTS DIVIDENDS DOMESTIC MARKET DOMESTIC PORTFOLIO EMERGING MARKETS EQUITIES EXPOSURE EXPOSURES FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL REPORTING FINANCIAL RETURNS FINANCIAL SECTOR FINANCIAL SECTOR POLICY FINANCIAL SERVICES FINANCIAL STABILITY FIXED INTEREST FOREIGN COMPANIES FOREIGN EXCHANGE FOREIGN INSURERS FRAUD GENERAL INSURANCE GLOBAL BUSINESS GROUP INVESTMENTS GROWTH RATES HEALTH INSURANCE HOLDING INCOME INCOME SECURITY INFORMATION SHARING INSOLVENT INSURERS INSPECTIONS INSURANCE INSURANCE ACTIVITY INSURANCE AGENTS INSURANCE COMPANIES INSURANCE COMPANY INSURANCE CONTRACTS INSURANCE FRAUD INSURANCE GROWTH INSURANCE INDUSTRY INSURANCE MARKET INSURANCE MARKETS INSURANCE PENETRATION INSURANCE PREMIUM INSURANCE PRODUCTS INSURANCE REGULATIONS INSURANCE SUPERVISION INSURANCE SUPERVISORS INSURANCES INSURER INSURERS INTEGRITY INTERNAL AUDIT INTERNAL CONTROL INTERNAL CONTROLS INTERNATIONAL BANK INTERNATIONAL DEVELOPMENTS INTERNATIONAL STANDARD INVESTIGATIONS INVESTMENT ACTIVITIES INVESTMENT INCOME INVESTMENT OPPORTUNITIES INVESTMENT POLICIES INVESTMENT POLICY JURISDICTION JURISDICTIONS LAWS LEGAL CONSTRAINTS LEGAL FRAMEWORK LEGAL OBLIGATION LEGAL PROTECTION LEGAL PROVISIONS LEVIES LIABILITY LIFE INSURANCE LIFE INSURANCE PRODUCTS LIFE INSURANCES LIFE INSURERS LIQUIDITY LOCAL BUSINESS LOCAL CURRENCY LOCAL MARKET LONG TERM SAVING MARGIN REQUIREMENTS MARKET CONDITIONS MARKET DATA MARKET DEVELOPMENTS MARKET INFRASTRUCTURE MARKET PLAYERS MARKET PRACTICE MATURE MARKETS MATURITY MATURITY DATE MINIMUM CAPITAL REQUIREMENTS MONEY LAUNDERING MORTGAGES MOTOR INSURANCE NON LIFE INSURANCE NON-BANK NON-LIFE INSURANCE PENSION PENSIONS POLICYHOLDERS PORTFOLIO PORTFOLIO INVESTMENT PREMIUMS PRIVATE SECTOR DEVELOPMENT PROTECTION OF POLICYHOLDERS RATES RECIPROCITY RECOVERABLES REGULATORY AGENCY REGULATORY BODY REGULATORY CONSTRAINT REGULATORY FRAMEWORK REINSURANCE REINSURANCE ARRANGEMENTS REINSURANCE COMPANIES RESERVE RISK ASSESSMENT RISK MANAGEMENT RISK MANAGEMENT SYSTEM RISK MITIGATION RISK TAKING SAVINGS SHAREHOLDERS SOLVENCY SUPERVISORY AUTHORITY SUPERVISORY SYSTEM TERRORISM TRADE ASSOCIATION TRANSPARENCY TREATIES UNDERWRITING USE OF DERIVATIVES VALUATION World Bank Mauritius Financial Sector Assessment Program : IAIS Insurance Core Principles |
| geographic_facet |
Africa Mauritius |
| description |
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. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Mauritius Financial Sector Assessment Program : IAIS Insurance Core Principles |
| title_short |
Mauritius Financial Sector Assessment Program : IAIS Insurance Core Principles |
| title_full |
Mauritius Financial Sector Assessment Program : IAIS Insurance Core Principles |
| title_fullStr |
Mauritius Financial Sector Assessment Program : IAIS Insurance Core Principles |
| title_full_unstemmed |
Mauritius Financial Sector Assessment Program : IAIS Insurance Core Principles |
| title_sort |
mauritius financial sector assessment program : iais insurance core principles |
| publisher |
World Bank, Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/150501468056936307/Mauritius-Financial-sector-assessment-program-IAIS-insurance-core-principles http://hdl.handle.net/10986/26834 |
| _version_ |
1764462710532079616 |
| spelling |
okr-10986-268342021-04-23T14:04:37Z Mauritius Financial Sector Assessment Program : IAIS Insurance Core Principles World Bank ACCOUNTING ACTUARIAL REPORTS ACTUARIES AGENTS APPLICATIONS ASSET-LIABILITY MATCHING ASSETS AUDITORS BANK DEPOSIT BINDING CONSTRAINTS BROKER BROKERS CAPITAL ADEQUACY CAPITAL REQUIREMENTS CHECKS CLAIMANTS CODE OF CONDUCT COLLECTIVE INVESTMENT COMPENSATION COMPENSATION FUND CONFIDENTIALITY CONFLICTS OF INTEREST CONSUMER PROTECTION CONSUMERS CORPORATE GOVERNANCE CORPORATE GOVERNANCE FRAMEWORK CORPORATE GOVERNANCE STANDARDS COVERAGE CREDIBILITY DEPOSIT DEPOSITS DERIVATIVE DERIVATIVES DISCLOSURE REQUIREMENTS DIVIDENDS DOMESTIC MARKET DOMESTIC PORTFOLIO EMERGING MARKETS EQUITIES EXPOSURE EXPOSURES FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL REPORTING FINANCIAL RETURNS FINANCIAL SECTOR FINANCIAL SECTOR POLICY FINANCIAL SERVICES FINANCIAL STABILITY FIXED INTEREST FOREIGN COMPANIES FOREIGN EXCHANGE FOREIGN INSURERS FRAUD GENERAL INSURANCE GLOBAL BUSINESS GROUP INVESTMENTS GROWTH RATES HEALTH INSURANCE HOLDING INCOME INCOME SECURITY INFORMATION SHARING INSOLVENT INSURERS INSPECTIONS INSURANCE INSURANCE ACTIVITY INSURANCE AGENTS INSURANCE COMPANIES INSURANCE COMPANY INSURANCE CONTRACTS INSURANCE FRAUD INSURANCE GROWTH INSURANCE INDUSTRY INSURANCE MARKET INSURANCE MARKETS INSURANCE PENETRATION INSURANCE PREMIUM INSURANCE PRODUCTS INSURANCE REGULATIONS INSURANCE SUPERVISION INSURANCE SUPERVISORS INSURANCES INSURER INSURERS INTEGRITY INTERNAL AUDIT INTERNAL CONTROL INTERNAL CONTROLS INTERNATIONAL BANK INTERNATIONAL DEVELOPMENTS INTERNATIONAL STANDARD INVESTIGATIONS INVESTMENT ACTIVITIES INVESTMENT INCOME INVESTMENT OPPORTUNITIES INVESTMENT POLICIES INVESTMENT POLICY JURISDICTION JURISDICTIONS LAWS LEGAL CONSTRAINTS LEGAL FRAMEWORK LEGAL OBLIGATION LEGAL PROTECTION LEGAL PROVISIONS LEVIES LIABILITY LIFE INSURANCE LIFE INSURANCE PRODUCTS LIFE INSURANCES LIFE INSURERS LIQUIDITY LOCAL BUSINESS LOCAL CURRENCY LOCAL MARKET LONG TERM SAVING MARGIN REQUIREMENTS MARKET CONDITIONS MARKET DATA MARKET DEVELOPMENTS MARKET INFRASTRUCTURE MARKET PLAYERS MARKET PRACTICE MATURE MARKETS MATURITY MATURITY DATE MINIMUM CAPITAL REQUIREMENTS MONEY LAUNDERING MORTGAGES MOTOR INSURANCE NON LIFE INSURANCE NON-BANK NON-LIFE INSURANCE PENSION PENSIONS POLICYHOLDERS PORTFOLIO PORTFOLIO INVESTMENT PREMIUMS PRIVATE SECTOR DEVELOPMENT PROTECTION OF POLICYHOLDERS RATES RECIPROCITY RECOVERABLES REGULATORY AGENCY REGULATORY BODY REGULATORY CONSTRAINT REGULATORY FRAMEWORK REINSURANCE REINSURANCE ARRANGEMENTS REINSURANCE COMPANIES RESERVE RISK ASSESSMENT RISK MANAGEMENT RISK MANAGEMENT SYSTEM RISK MITIGATION RISK TAKING SAVINGS SHAREHOLDERS SOLVENCY SUPERVISORY AUTHORITY SUPERVISORY SYSTEM TERRORISM TRADE ASSOCIATION TRANSPARENCY TREATIES UNDERWRITING USE OF DERIVATIVES VALUATION 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. 2017-06-01T21:26:56Z 2017-06-01T21:26:56Z 2012-04 Report http://documents.worldbank.org/curated/en/150501468056936307/Mauritius-Financial-sector-assessment-program-IAIS-insurance-core-principles http://hdl.handle.net/10986/26834 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Financial Sector Assessment Program Economic & Sector Work Africa Mauritius |