Mauritius Financial Sector Assessment Program : IAIS Insurance Core Principles

This assessment focused on the supervision and regulation of the insurance sector and the role of the Financial Services Commission (FSC) in Mauritius. The FSC has responsibility for licensing and supervision of all players in the insurance market-insurance companies, distributors; loss adjusters; reinsurance companies; reinsurance brokers, and actuaries and auditors. This report relates to a dedicated assessment mission conducted in July 2011. The FSC maintains a fairly detailed website that contains copies of relevant laws and regulations applicable to insurance companies in Mauritius. Also available on the website are copies of guidelines of general application that have been issued to the insurance companies, statistics of the industry's performance, and copies of the annual reports issued by FSC. In addition to its discussions with FSC personnel, mission members met with representatives of the trade association and with executives of a representative sample of companies, both life and general insurance, operating in the market. Other contacts included brokers and auditors. The insurance sector in Mauritius is material although not fully developed in terms of size. Insurance premium stands at MUR 17.5 billion represented at 68 percent life and 32 percent non-life insurances. Life insurance growth has been more impressive than non-life insurance performance. Although both segments have shown healthy nominal growth rates, real growth has been less spectacular for the non-life sector. Interpreting non-life sector premium performance can be confused by global pricing cycles.

Bibliographic Details

Main Author:	World Bank
Format:	Report biblioteca
Language:	English en_US
Published:	World Bank, Washington, DC 2012-04
Subjects:	ACCOUNTING, ACTUARIAL REPORTS, ACTUARIES, AGENTS, APPLICATIONS, ASSET-LIABILITY MATCHING, ASSETS, AUDITORS, BANK DEPOSIT, BINDING CONSTRAINTS, BROKER, BROKERS, CAPITAL ADEQUACY, CAPITAL REQUIREMENTS, CHECKS, CLAIMANTS, CODE OF CONDUCT, COLLECTIVE INVESTMENT, COMPENSATION, COMPENSATION FUND, CONFIDENTIALITY, CONFLICTS OF INTEREST, CONSUMER PROTECTION, CONSUMERS, CORPORATE GOVERNANCE, CORPORATE GOVERNANCE FRAMEWORK, CORPORATE GOVERNANCE STANDARDS, COVERAGE, CREDIBILITY, DEPOSIT, DEPOSITS, DERIVATIVE, DERIVATIVES, DISCLOSURE REQUIREMENTS, DIVIDENDS, DOMESTIC MARKET, DOMESTIC PORTFOLIO, EMERGING MARKETS, EQUITIES, EXPOSURE, EXPOSURES, FINANCIAL CRISIS, FINANCIAL INFORMATION, FINANCIAL INSTITUTIONS, FINANCIAL MARKET, FINANCIAL MARKETS, FINANCIAL REPORTING, FINANCIAL RETURNS, FINANCIAL SECTOR, FINANCIAL SECTOR POLICY, FINANCIAL SERVICES, FINANCIAL STABILITY, FIXED INTEREST, FOREIGN COMPANIES, FOREIGN EXCHANGE, FOREIGN INSURERS, FRAUD, GENERAL INSURANCE, GLOBAL BUSINESS, GROUP INVESTMENTS, GROWTH RATES, HEALTH INSURANCE, HOLDING, INCOME, INCOME SECURITY, INFORMATION SHARING, INSOLVENT INSURERS, INSPECTIONS, INSURANCE, INSURANCE ACTIVITY, INSURANCE AGENTS, INSURANCE COMPANIES, INSURANCE COMPANY, INSURANCE CONTRACTS, INSURANCE FRAUD, INSURANCE GROWTH, INSURANCE INDUSTRY, INSURANCE MARKET, INSURANCE MARKETS, INSURANCE PENETRATION, INSURANCE PREMIUM, INSURANCE PRODUCTS, INSURANCE REGULATIONS, INSURANCE SUPERVISION, INSURANCE SUPERVISORS, INSURANCES, INSURER, INSURERS, INTEGRITY, INTERNAL AUDIT, INTERNAL CONTROL, INTERNAL CONTROLS, INTERNATIONAL BANK, INTERNATIONAL DEVELOPMENTS, INTERNATIONAL STANDARD, INVESTIGATIONS, INVESTMENT ACTIVITIES, INVESTMENT INCOME, INVESTMENT OPPORTUNITIES, INVESTMENT POLICIES, INVESTMENT POLICY, JURISDICTION, JURISDICTIONS, LAWS, LEGAL CONSTRAINTS, LEGAL FRAMEWORK, LEGAL OBLIGATION, LEGAL PROTECTION, LEGAL PROVISIONS, LEVIES, LIABILITY, LIFE INSURANCE, LIFE INSURANCE PRODUCTS, LIFE INSURANCES, LIFE INSURERS, LIQUIDITY, LOCAL BUSINESS, LOCAL CURRENCY, LOCAL MARKET, LONG TERM SAVING, MARGIN REQUIREMENTS, MARKET CONDITIONS, MARKET DATA, MARKET DEVELOPMENTS, MARKET INFRASTRUCTURE, MARKET PLAYERS, MARKET PRACTICE, MATURE MARKETS, MATURITY, MATURITY DATE, MINIMUM CAPITAL REQUIREMENTS, MONEY LAUNDERING, MORTGAGES, MOTOR INSURANCE, NON LIFE INSURANCE, NON-BANK, NON-LIFE INSURANCE, PENSION, PENSIONS, POLICYHOLDERS, PORTFOLIO, PORTFOLIO INVESTMENT, PREMIUMS, PRIVATE SECTOR DEVELOPMENT, PROTECTION OF POLICYHOLDERS, RATES, RECIPROCITY, RECOVERABLES, REGULATORY AGENCY, REGULATORY BODY, REGULATORY CONSTRAINT, REGULATORY FRAMEWORK, REINSURANCE, REINSURANCE ARRANGEMENTS, REINSURANCE COMPANIES, RESERVE, RISK ASSESSMENT, RISK MANAGEMENT, RISK MANAGEMENT SYSTEM, RISK MITIGATION, RISK TAKING, SAVINGS, SHAREHOLDERS, SOLVENCY, SUPERVISORY AUTHORITY, SUPERVISORY SYSTEM, TERRORISM, TRADE ASSOCIATION, TRANSPARENCY, TREATIES, UNDERWRITING, USE OF DERIVATIVES, VALUATION,
Online Access:	http://documents.worldbank.org/curated/en/150501468056936307/Mauritius-Financial-sector-assessment-program-IAIS-insurance-core-principles http://hdl.handle.net/10986/26834
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