Captive Insurance

A captive insurance company is essentially a corporation whose primary purpose is to insure the risks of its owners and its affiliated companies. It is essentially a form of self-insurance where the insurer is owned by the insured.

Mauritius is fast developing as a vibrant international finance centre, with captive insurance as one key pillar. The captive segment comes in the form of protected cell companies (PCCs) and conventional captive insurance companies. Mauritius enjoys one of the highest insurance penetration ratios in Africa and is well placed to further develop the insurance sector. The industry is regulated by the Financial Services Commission, Mauritius (the FSC). The FSC administers a raft of fine pieces of primary legislation and rules to regulate all non-banking financial services as well as global businesses. The relevant enabling acts for the captive insurance sector are the Insurance Act 2005, the Protected Cell Companies Act 1999 and the Captive Insurance Act 2015.

A captive insurance company is a way for many companies and groups to take financial control and manage risks by endorsing their own insurance rather than paying premiums to third-party insurers.