SEYCHELLES COMMERCIAL LEGISLATION

VOLUME III

INSURANCE ACT, 1994

AS AMENDED IN 1995

EDITION 1996

MINISTRY OF FINANCE AND COMMUNICATIONS

INSURANCE ACT, 1994

ARRANGEMENT OF SECTIONS
PART I
PRELIMINARY

1. Short Title and commencement

2. Interpretation

3. Classification of insurance business

PART II
CONSTITUTION OF AN AUTHORITY

4. Establishment of the Authority

PART III
CONDUCT OF INSURANCE BUSINESS-GENERAL RESTRICTION ON INSURERS

5. No person to carry on insurance business unless registered by Authority and licensed under the Licence Act

6. Holding out as registered insurer

7. Use of word "insurance"

8. Examination of person suspected of carrying on insurance business

9. Registration by Authority

10.Requirements before registration

11.Conditions of registration

12.Annual fees

13.Cancellation of registration

14.Effects of cancellation of registration

15.Register of policies

16.Establishment of insurance funds and allocation of surplus

17.Margins of solvency

18.Form, investment and situation of assets

19.Requirements as to documents evidencing title to assets of insurance funds

20.Maintenance of assets in Seychelles

21.Custody of assets

22.Payment in Seychelles rupee of policy moneys under life policies

23.Regulation of premiums under life policies

24.Control of form of proposals, policies and brochures

25.Requirements as to prospectuses and statements of capital

26.Control of take-overs of insurers being Companies

27.Arrangements affecting control of an insurer, being a Company

28.Control of substantial shareholding of insurers, being Companies

29.Power of the Authority to require an insurer, being a Company, to obtain information as to beneficial interests in shares of the insurer

30.Approval of directors and principal officers of insurers

31.General obligation to furnish information

32.Insurance agents and brokers

33.Authority may prohibit insurance agents and brokers from carrying on business

34.Approval by Authority of insurance agents and brokers 34A. Insurance manager or principal insurance representative

35.Saving for validity of policies

PART IV
RETURNS, INSPECTIONS AND INVESTIGATIONS, WINDING UP AND TRANSFERS OF BUSINESS RETURNS

36.Annual accounts and audit

37.Actuarial investigations and report as to life business

38.Power to require returns under Section 36 or 37 to be rectified

39.Additional provisions as to returns under 36 or 37 Inspections and Investigations

40.Inspections and investigations of affairs of insurer

41.Powers of Authority to issue directions

42.General provisions as to Winding Up

43.Special provision for insurers directed to cease insurance business

44.Priority of claim of policy owners

45.Policy owners' Protection Fund

46.Schemes for transfer of business

47.Confirmation of schemes

48.Documents to be filed when scheme confirmed

PART V
MISCELLANEOUS AND GENERAL ADMINISTRATION AND ENFORCEMENT

49.Appointment of assistants

50.Exemption

51.Annual reports

52.Statistics

53.Service of notices

54.General provisions as to offences

55.Jurisdictions of courts and appeals

56.Insurable interest required for life insurances

57.Capacity of infant to insure

58.Life policy moneys to be paid without deduction

59.Life policy (Surrenders: non-payment of premiums: paid-up policies)

60.Payment of life policy and personal accident claims without probate, etc...

61.Life Policies for benefit of wife, children or grandchildren

62.Distribution of amount of policy in certain cases

62A. Confidentiality on the part of the Authority or its staff

62B. Compounding of offences

63.Regulation

64.Repeals

65.Non application of certain laws

66.Transitional

First Schedule

Second Schedule

Third Schedule