In line with its vision to boost wealth management prospects within the financial services sector, and as part of its ongoing strategy to enhance the competitiveness and innovation of the Mauritius IFC, the Financial Services Commission (FSC) has introduced the Insurance (Structured Investment Linked Insurance Business) Rules 2022, effective since 3 September 2022.

We recall the amendments brought to the Insurance Act on 2 August 2022 to introduce a fifth class of business pertaining to Structured Investment-Linked Insurance Business (commonly known as ‘Insurance Wrappers’).

The Insurance Regulations 2007 were further amended to exempt the structured investment-linked policies, as is the case for an external insurer, from the provisions in Regulation 7(1), which provides that an insurer:

a. shall at all times keep invested in Mauritius an amount of at least 50 percent; and

b. may invest outside Mauritius an amount not exceeding 50 percent, of its technical provisions in respect of insurance business in Mauritius.

For more information, access the official communique from the FSC here