Mauritius issues Captive Insurance Rules
In December 2015, Mauritius enacted the Captive Insurance Act that paved the way for it to be a domicile of choice for companies in the African and Asian region looking to set up a captive. The Act currently applies only to “pure captives”, meaning the business of undertaking liability restricted to the risks of parent and affiliated corporations.
Following the enactment, the Financial Services Commission Mauritius issued on 25 April 2016, the accompanying Rules which will facilitate the conduct of ‘pure captive business’ in Mauritius.
The Rules layout the requirements for solvency, assets, capital and other regulatory issues for captives domiciled in Mauritius.
One of the requirements that are seen as favourable for prospective insurers is that a pure captive insurer shall maintain a minimum paid up capital of not less than 3 million rupees (USD 85,000).
Also, a change to the Income Tax Act provides for an attractive tax holiday on income derived by captive insurers for a period not exceeding ten years.
Mauritius as a captive domicile of choice for African businesses
Mauritius has successfully established itself as a leading international financial centre. The country is already home to multinational companies, global investment funds, international banks, legal firms and audit firms. There are numerous reasons for Mauritius to be used as a captive domicile of choice for African businesses:
Cim Global Business as your captive management services partner
Cim Global Business is well placed to assist insurance managers, and their clients, who are looking to set-up operations in this new captive domicile, through a low risk and low cost entry strategy.
The firm is the leading fund administration and corporate service provider in Mauritius, with offices in Mauritius, Singapore and South Africa. We have over 250 staff dedicated to the success of our client-base. Cim Global Business has the adequate resources and expertise to assist captive insurance managers and their clients to set up and administer their captives through:
For more information, feel free to contact:
Shaun Geils - Head of Operations, PSO
Edan Latzelsberger - Managing Director, PSO
Rehma Imrith - Managing Director, CFAS