Section 8: Permissible classes of captive insurance business
consolidated text (as at 2018). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
8. Permissible classes of captive insurance business
(1) A captive insurer may insure—
(a) a contract of insurance or reinsurance pertaining to general
insurance business;
[Issue 10] C2 – 6
Revised Laws of Mauritius
(b) an ART policy contract; and
(c) any other class or type of insurance business as may be
prescribed.
(2) No captive insurer shall provide, on a direct basis, any insurance
purporting to cover risks in respect of which there is a compulsory insurance
requirement under any other enactment.
(3) Subject to this Act, a captive insurance business may consist of 100
per cent reinsurance on risks ceded by any other insurer in the same manner
as for direct insurance underwriting.
(4) For the purpose of subsection (3), the reinsurance of risks under a
contract of insurance shall be treated as insurance business of the class to
which the contract would belong if it were entered into by the reinsurer.
(5) Every captive insurer shall comply with this Act, guidelines and any
licensing condition restricting the type of business or activity which he may
conduct.
(6) A captive insurer shall insure risks corresponding only to the category
specified in the second column of the Schedule for which he is licensed.