PRESS RELEASE
BAI Co (Mtius) Ltd
Response of the FSC Mauritius further to recent public comments
The Financial Services Commission (the “FSC Mauritius”) refers to regulatory actions taken against BAI Co. (Mtius) Ltd [hereafter referred to as BAI]. Recently, in light of the major developments in regard of the aforementioned case, FSC Mauritius has noted many public comments as to its role and actions.
The FSC Mauritius wishes to inform the public that BAI has been under close monitoring and all the actions taken thereon, in accordance with the regulatory framework, are documented.
Since the enactment of the Insurance Act 2005 introducing the Capital Adequacy Requirements, which impacted the whole insurance industry, the FSC Mauritius has been closely monitoring BAI’s related party transactions and intimated BAI to restructure its investments. Furthermore, amendments were brought to the solvency rules in 2013 to clarify interpretations of related party transactions by our licensees.
The International Monetary Fund (Financial Sector Assessment Programs and Technical Assistance missions) have regularly assessed the progress made in respect of implementation of the above measures.
The above actions were taken within the remit of the powers conferred to FSC Mauritius and according to established rules.
The national interests and the reputation of Mauritius as an International Financial Centre have always prevailed in FSC Mauritius’ decisions. At this stage, Conservators have been appointed to safeguard policy holders’ interests and they are currently assessing the state of affairs of BAI. Consequently, it would not be appropriate to make any comments.
Financial Services Commission, Mauritius
09 April 2015
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