The Mauritius Financial Services Commission (FSC) participated in the TV programme “The future of insurance companies”, alongside the Insurers’ Association of Mauritius, covering issues including rising insurance policy costs, increasing claims volumes, policyholder protection measures and recent budget-related measures affecting insurance sector regulation. In the discussion, the FSC emphasised that licensing is the first line of defence for the financial services sector and urged the public to ensure they deal only with service providers licensed by the FSC. It set out that an FSC licence reflects that minimum licensing requirements have been met and brings ongoing supervision through offsite desk reviews and onsite inspections, with the Commission able to enforce compliance and apply sanctions where legal requirements are not met. The FSC also reiterated its remit as the non-banking financial services regulator, licensing insurance and reinsurance companies and insurance service providers under the Insurance Act, and noted that the insurance sector represents around 2% of Mauritius’s GDP and that 20 insurance companies are members of the Insurers’ Association of Mauritius.

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