Section 4: Administration of Act

4. Administration of Act (1) The Commission shall be responsible for the administration of this Act. (2) The Commission shall, in addition to its objects, functions and powers under the Financial Services Act and the relevant Acts, in administering this Act— (a) have regard to the following regulatory objectives— (i) maintaining a fair, safe, stable and efficient captive insurance business for the benefit and protection of policyholders; (ii) promoting confidence in the captive insurance business; C2 – 3 [Issue 10] Captive Insurance Act 2015 (iii) ensuring fair treatment to policyholders; (iv) ensuring that captive insurance activities are not used in furtherance of, or for a purpose connected with, a financial crime; and (v) ensuring the orderly growth of the captive insurance business in Mauritius; (b) discharge its functions in a manner which it considers most appropriate for the purpose of meeting the regulatory objectives set out in paragraph (a), taking into account— (i) the need to balance the regulatory objectives; (ii) the desirability of maintaining the good repute of Mauritius as a sound financial centre and enhancing its competitive position; (iii) the duties and responsibilities of those who operate or administer captive insurance activities; (iv) the need to use resources committed to supervision in an efficient and economic manner; (v) the benefit of promoting public understanding of the captive insurance business; and (vi) the best economic interests of Mauritius; (c) have such powers as may be necessary to attain its objects and discharge of its functions under this Act, and shall, in particular, have the power— (i) to request any information, record or document in relation to any activity of a captive insurer; (ii) to carry out an on-site inspection on the business premises of a captive insurer and audit his books and records; (iii) to order an officer to conduct an investigation into any activity of a captive insurer; (iv) to appoint a conservator in relation to the business of a captive insurer; and (v) to give such directions to the Chief Executive to achieve the objectives of this Act. (3) The Commission or Chief Executive shall, in exercising a power specified in— (a) subsection (2) (c) (i), (ii) or (iii), comply with the procedures set out in Part VIII of the Financial Services Act; (b) subsection (2) (c) (iv), comply with section 106 of the Insurance Act. (4) Sections 107 to 110 of the Insurance Act shall apply to a conservator appointed under subsection (2) (c) (iv). [Issue 10] C2 – 4 Revised Laws of Mauritius