Mauritius : Insurance Broker

An “Insurance Broker” is defined as a person who arranges insurance business with insurers on behalf of prospective policyholders, or as a representative of a policyholder, and includes a reinsurance broker carrying on reinsurance brokering for an insurer.

Licence as Insurance Broker

An application for a licence to act as insurance broker shall be made to the Financial Services Commission (FSC). The FSC will grant such licence if it is satisfied that:

1. the objectives of the business of the applicant are consistent with the Insurance Act 2005 (as amended) and are limited to the business stated in the application and operations arising directly from it;
   
2. the applicant has such stated capital as may be specified in the FSC Rules;
   
3. the applicant is covered by a professional indemnity insurance policy acceptable to the FSC and meeting such requirements as may be prescribed;
   
4. the applicant has disclosed such bona fide information as the FSC has requested in relation to the proposed business, and to persons who will, upon commencement of the applicant’s business, have any proprietary, financial or other interest in, or in connection with, that applicant;
   
5. the applicant has the financial resources, organisation and management capacities that are necessary to carry on the business which is the subject matter of the application;
   
6. the applicant, the substantial shareholders, controllers, and officers of the applicant where it is a body corporate are fit and proper persons to ensure the sound and prudent management of the business;
   
7. the applicant will, upon being licensed, be able to comply with and fulfil all requirements under the Insurance Act 2005 (as amended);
   
8. the applicant meets such other requirements as may be specified.

Information/Documents to be submitted with respect to an application for Insurance Broker

1. Duly dated and signed Application Form for Insurance Broker.
   
2. Prescribed Processing and/or Annual Fee(s).
   
3. Details of any other licence(s)/registration(s) which the Applicant holds and name of the licence(s) and issuing authority, and any restriction(s) imposed.
   
4. Business Plan including: (i) – Introduction and Background; (ii) – Business objective, strategy and proposed activity; (iii) – Organisation Chart; (iv) – Target market(s) and client(s) profile; (v) – Mode(s) of financing; (vi) – Three year Financial Forecasts (Balance Sheet, Profit and Loss Account, and Cash Flow Statement); and (vii) – Any other relevant information.
   
5. Details of the arrangements to be put in place with respect to the day-to-day administration and management.
   
6. CV of senior officers, and Personal Questionnaire Form(s) for Directors, Managing Director/CEO, Compliance Officer, MLRO and Deputy MLRO
   
7. Confirmation that the Applicant shall implement a manual of internal control and compliance procedures, once it is licensed/authorised.
   
8. Certified true copy of the Certificate of Registration/Incorporation, Constitution/M&A (if any), Trust Deed, and/or other statutory documents submitted/required for the registration/incorporation of the Applicant.
   
9. Latest Annual Return and Audited Financial Statements, as available.
   
10. If Applicant’s Secretary is a firm or corporation, necessary approval from the Registrar of Companies to be submitted.
    
11. Details of professional indemnity insurance cover.
    
12. Financial/Capital Requirement under relevant regulations and rules.
    
13. In case of registration and continuation of an Applicant/Company incorporated outside Mauritius or a foreign company, additional documents as may be required under the Companies Act 2001 to be submitted.