Section 3: Administration of Act

3. Administration of Act (1) The Commission shall be responsible for the administration of this Act. (2) In administering this Act, the Commission shall have regard to the following regulatory objectives— (a) maintaining fair, safe, stable and efficient insurance markets for the benefit and protection of the public; (b) promoting confidence in the insurance industry; I15 – 9 [Issue 9] Insurance Act (c) ensuring fair treatment to policy holders; (d) reducing as far as is reasonably possible the risk that the insurance business is used in furtherance of, or for a purpose connected with, a financial crime; and (e) ensuring orderly growth of the insurance industry in Mauritius. (3) The Commission shall discharge its functions under this Act in a manner which it considers most appropriate for the purpose of meeting the regulatory objectives set out in subsection (2), taking into account— (a) the need to balance the regulatory objectives; (b) the responsibilities of insurers and other service providers in the insurance industry; (c) the benefit of promoting public understanding of the insurance industry; (d) the need to use resources committed to supervision in an efficient and economic manner; (e) the desirability of maintaining the good repute of Mauritius as a financial centre and of enhancing its competitive position; and (f) the best economic interests of Mauritius.