Mr Meetarbhan highlighted the collaborative approach of the Association with
the FSC in the development of the insurance sector, and pointed to one of the
major aims of the Financial Services Act 2007, which is to ensure a common licensing
regime for all financial service providers regulated by the FSC. Along with its regulatory function, the Commission is also keen to fulfil
its developmental role, he further added. This aims to allow the FSC to adopt an
even more “business-friendly” approach, which will, in turn, help
to safeguard the integrity of the financial sector. Mr Rivalland revealed that he was of the view that “with the new legislative framework,
the FSC has now at its disposal a choice of legal instruments which allows it
to take swift action even before an insurance company finds itself in serious
financial trouble”. In conclusion, he expressed satisfaction that the Commission has considered the Association’s
recommendations while elaborating the Insurance Act 2005.
The FSC Chief Executive also informed members of the Insurer’s Association
about the coming into operation of the new Financial Services (Consolidated
Licensing and Fees) Rules 2008 on the 22nd of March.
Moreover, he revealed that the Commission is working on an Occupational Pensions
Bill that will be submitted to the Ministry of Finance and Economic Development.
This piece of legislation will include provisions relating to the licensing
of pension managers and pension schemes for employees.
Mr Meetarbhan also emphasised the importance of starting discussions on a Compensation
Fund for the insurance industry, and highlighted that a key objective of the Commission is to safeguard
consumer interest.
He welcomed the decision of the Association to carry out a survey for a proper
assessment of the insurance industry and the revision of the code of practice
for the sector.
The outgoing president, Louis Rivalland, highlighted the very good working
relations between the association and the FSC. He added that regular discussions
between both entities have proven to be very productive and efficient.
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