The Captive Insurance Act 2015 was passed before the National
Assembly in December 2015. The law will now be proclaimed in
stages.
This was a much awaited law as there is a real interest for the
incorporation and domiciliation of captive insurance in Mauritius.
This new captive Insurance Law is a fine and modern piece of
legislation which should establish the jurisdiction as a domicile
of choice for captive insurers focusing on Africa and why not Asia
too.
The Act only applies to "pure captives" meaning the
business of undertaking liability restricted to the risks of parent
and affiliated corporations. The Insurance Act 2005 which has now
been amended was previously governing captives but unfortunately
not in a satisfactory manner. Captive insurers will be regulated by
the Financial Services Commission and can also be licensed as
Global Business Companies Category I.
