FSC: Guidelines For Issue of Insurance Policy Documents in Digital Format

The Financial Services Commission, Mauritius (FSC Mauritius), is issuing the Guidelines for Issue of Insurance Policy Documents in Digital Format (the ‘Guidelines’).

The objective of the Guidelines is to set out minima criteria for the guidance of Insurers regarding the issue of insurance policy documents in digital format.

In effect, the Guidelines aim to ensure that the marketing and sale of insurance products through the Internet does not compromise the authenticity, validity and integrity of the insurance policy. The Guidelines are further intended to ensure that Insurers conduct their business in a way that promotes the best interests of consumers and the integrity of the financial services industry in the context of electronic marketing and sale of insurance.

The board of directors of Insurers must adopt internal policies and must establish internal procedures to ensure compliance with the Guidelines. Furthermore, Insurers should incorporate in their internal control system appropriate measures to verify compliance with the procedures, policies and controls set by their board.

The FSC Mauritius would like to thank the representatives of the Working Committee and other stakeholders who have worked collaboratively to finalise the Guidelines.

The Guidelines will be effective as from 01 July 2017.