A captive insurance company is a way for many companies and groups to take financial control and manage risks by endorsing their own insurance rather than paying premiums to third-party insurers.
The Captive Insurance Act 2015, operational as from 29th January 2016, provides for the licensing of pure captive insurance businesses and the legal framework for their operation. The Act currently regulates only pure captive insurance while other types of captive insurance businesses will continue to be regulated under the Insurance Act 2005.
Captive insurers will be regulated by the Financial Services Commission. They can apply to be licensed as Global Business Companies Category 1 and to be structured as a Protected Cell Companies. The licensed captive insurer being a resident of Mauritius, will also benefit from the Double Taxation Agreements (DTAs) and the Investment Protection and Promotion Agreements (IPPAs) enjoyed by Mauritius internationally.
Intercontinental Trust Ltd offers a range of captive formation, administrative and accounting services in Mauritius as well as captive insurance agent services.
