Mauritius allows insurers to invest half of technical provisions outside island

The Insurance (Amendment) Regulations 2022 will soon be promulgated.

Amendments to the introduction of a fifth class of business pertaining to Structured Investment-Linked Insurance Business in the First Schedule to the Act have been brought through the Finance (Miscellaneous Provisions) Act 2022.

According to Cabinet papers of August 13, The Insurance Regulations 2007 are being amended to exempt the structured investment-linked policies, as is the case for an external insurer, from the provisions in Regulation 7(1).

This provides that an insurer will, at all times, keep invested in Mauritius an amount of at least 50%; and may invest outside Mauritius an amount not exceeding 50%, of its technical provisions in respect of insurance business in Mauritius.