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