Seychelles Insurance Industry – Governance, Risk and Compliance
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Seychelles Insurance Industry Regulation Overview
The Seychellois Financial Services Authority (FSA) regulates the Seychelles insurance industry along with other regulators and supervisors including the International Association of Insurance Supervisors (IAIS).
The Seychelles insurance industry governance regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.
Key Regulators | · Seychellois Financial Services Authority (FSA)
· International Association of Insurance Supervisors (IAIS) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Corporate Income Tax
· Value Added Tax |
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Seychelles Insurance Industry – Key Regulators and Legislation
Seychellois Financial Services Authority (FSA): The FSA is the regulator of the Seychellois insurance industry and supervises and regulates the entire non-banking sector. The body is responsible for the licensing, supervising, and development of the non-bank financial services industry of Seychelles. The FSA regulates the insurance and reinsurance industry according to the regulations specified in the Insurance Act 2008.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance; provides training and support on issues related to insurance supervision; and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The laws regulating the Seychelles insurance industry are:
- Financial Services Authority Act, 2013, as amended in 2020
- Seychelles Insurance (Restriction of Insurers) Regulations 2012
- Insurance (Policy owner’s Protection Fund) Regulations 2009
- Insurance (Domestic Insurance Business) Regulations, 2009
- Insurance (Non-Domestic Insurance Business) Regulations, 2009
- Insurance Act 2008
- Insurance (Amendment) Act, 2018
- Protected Cell Companies Act, 2003
- Motor Vehicles Insurance (Third-Party Risks) Act of 1952
- Codes on Reinsurance arrangements, 2018
- Anti-Money Laundering and Countering the Financing of Terrorism Act, 2020
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Seychelles Insurance Industry - Compulsory Insurance
A few of the compulsory insurances required within the Seychelles insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Compulsory Insurances in Seychelles
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Seychelles Insurance Industry - Company Registration and Operation
A license is required to operate in the Seychelles insurance industry. The FSA must authorize insurers and reinsurers willing to operate a business in Seychelles. The insurers and reinsurers must obtain a separate license for separate classes of the insurance business. All insurance agencies and intermediaries need to obtain a license and authorization from the FSA as well to carry out business in the country.
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Seychelles Insurance Industry – Taxation
The taxes imposed upon the insurance industry in Seychelles are Corporate Income Tax and Value Added Tax.
Corporate Income Tax: The Seychelles Revenue Commission is the tax regulatory authority in Seychelles. The commission administers taxation in the Seychellois economy. The administration ensures that all taxes in the country are fairly assessed and collected on time.
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Scope
This report provides:
- Details of the insurance regulatory framework in Seychelles.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
- Analysis of the rules and regulations for the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The FSA is the government regulatory body responsible for supervising and regulating the Seychellois insurance industry.
- Composite insurance license is not issued by the FSA. However, a professional reinsurer may carry out both life and non-life insurance business.
- Insurance policies issued in the country are exempt from premium taxes.
- The placement of non-admitted insurance is not permitted.
Reasons to Buy
- Get FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Get insights into the insurance regulatory framework in Seychelles.
- Track the latest regulatory changes and expected changes impacting the Seychellois insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Seychelles insurance industry?
The Seychellois Financial Services Authority (FSA) is the key regulator of the Seychelles insurance industry.
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Which other body oversees the Seychelles insurance industry?
The International Association of Insurance Supervisors (IAIS) is the regulatory and supervisory body that oversees the operations of the Seychelles insurance industry.
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Which are the compulsory insurances required within the Seychelles insurance industry?
A few of the compulsory insurances required within the Seychelles insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What types of taxes are imposed upon the Seychelles insurance industry?
The taxes imposed upon the insurance industry in Seychelles are Corporate Income Tax and Value Added Tax.
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