Mauritian Insurance Bill Nearly Ready, Says Khushiram
Speaking at a recent seminar organised by the Insurance Institute of Mauritius
(IIM) to discuss the regulation of the jurisdiction's insurance sector, Minister
for Industry and Financial Services, Sushil Khushiram announced that the government
and Financial Services Commission (FSC) will continue their drive to stringently
regulate and oversee insurers located in Mauritius. In early November, the FSC launched a consultation on a new draft Code of
Business Conduct for Insurers and Intermediaries. The FSC, which regulates all
non-banking financial service providers in the jurisdiction, explained at the
time that the Code is designed to define the standards of business conduct and
ethical behaviour on behalf of insurers, agents and salespeople, in order to
ensure that confidence in the market is maintained and consumer interests are
properly safeguarded. In addition to this, Mr Khushiram told delegates attending the IIM meeting
that the new Insurance Bill is nearly ready, and will be presented to parliament
in February 2005. According to the Financial Services Minister, the new legislation
aims to improve upon existing laws in the areas of governance, audits and risk
management. "The aim of the proposed new insurance legislation is to enhance the regulatory
and supervisory framework for the insurance industry and to provide greater
protection to policyholders and other beneficiaries," he confirmed on Monday. A comprehensive report describing the insurance sector in most key offshore jurisdictions, with an emphasis on the regulatory structure is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop/
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