The item "External Insurance Business" and its corresponding entry in the Schedule to the Protected Cell Companies Act has been deleted and replaced by the following item and its corresponding entry:
- Insurance business
Corporation engaged in insurance business, including external insurance business and captive insurance business under the Insurance Act.
Restriction: Subject to a Category 1 Global Business Licence issued under the Financial Services Act and to a licence issued under the Insurance Act.
Following this amendment, Category 1 Global Business Corporations ("Corporation" has the same meaning as in the Financial Services Act) structured as Protected Cell Companies may hold Long-Term Insurance Business licences, General Insurance Business licences, External Insurance Business licences or Professional Reinsurer licences under the Insurance Act. Moreover, just like other Category 1 Global Business Corporations, they will be able to deal with residents of Mauritius subject to meeting the requirements of the Financial Services Act and such terms and conditions as the FSC may determine.
No comments:
Post a Comment