Mauritius has a well-developed insurance industry regulated and supervised by the Financial Services Commission (FSC) under the Insurance Act 2005.
Over the last 15 years, with the creation of the FSC as a full-fledged regulator, the insurance industry has witnessed a major transformation of its business model. The current regulatory framework is aligned with the International Association of Insurance Supervisors (IAIS) standards and principles and has many strong elements focusing on specific regulatory issues relating to capital adequacy, solvency, corporate governance, early warning systems and the protection of policyholders.
According to the Insurance Act 2005, the insurance business is a business which undertakes, by way of insurance or reinsurance, under long term insurance policies or general insurance policies, and might also include external insurance business and the business of a professional re-insurer.
Insurance companies in Mauritius offer various services and also products which may include property and casualty insurance, motor insurance, financial risks, aviation insurance amongst others.