Introduction of the Structured Investment-Linked Insurance Business
The Insurance (Amendment) Regulations 2022 would be promulgated to propose amendments to the Insurance Act (the “Act”), including the introduction of a fifth class of business pertaining to Structured Investment-Linked Insurance Business, commonly referred to as “Insurance Wrapper”. The introduction of the Structured Investment-Linked Insurance Business was one of the measures proposed in the National Budget 2020/2021.
The Insurance Regulations 2007 are also being amended to exempt the structured investment-linked policies, as is the case for an external insurer, from the provisions in Regulation 7(1), which provides that an insurer:
- shall 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.