Section 53: Keeping of records and registers

53. Keeping of records and registers (1) In addition to the requirements of the Companies Act, an insurer shall, for the purposes of this Act, keep in relation to its business activities, a full and true written record, whether electronically or otherwise, in the English or French language of every transaction it makes. (2) For the purposes of subsection (1), such records shall include— (a) registers of all policies classified in accordance with the class and the category of insurance business; (b) a register of claims reported; (c) a register of insurance agents and of insurance salespersons authorised to act on behalf of the insurer; and (d) such specific record as may be determined by the Commission. (3) Every record under subsection (1) shall be kept in Mauritius at the principal place of business of the insurer or such other place as may be approved by the Commission for a period of at least 7 years after the completion of the transaction to which it relates. I15 – 39 [Issue 1] Insurance Act (4) Pursuant to subsection (1), a foreign company shall maintain such records in relation to its insurance business carried on in or from within Mauritius, at its registered office in Mauritius. (5) The Commission may specify in the FSC Rules the manner in which books, records and registers may be kept and the entries that shall be made. [S. 53 amended by s. 19 of Act 16 of 2007 w.e.f. 28 September 2007.] PART VI – TRANSFER AND AMALGAMATION