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Captive Management
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- Captive Management Companies have been set up under the supervision of the
Mauritius Financial Services Commission (FSC) to ensure that
Captive Insurance Companies are responsibly managed. All Captive
Insurance Companies incorporated in Mauritius must appoint a Captive
Manager.
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| Frontfin has a subsidiary company,
Agulhas Captive
Insurance Services Ltd, one of the first Captive Managers to be
appointed in Mauritius. Frontfin, with both Insurance Company and
Insurance Manager under one roof, is able to provide a total insurance
solution - better, faster and at a lower cost. |
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Functions of a Captive Manager
- Provide annual liquidity certificates of captives under its
management. The value of the captive's admitted assets must not be
less than 75% of its admitted liabilities.
- Provides the Principal Representative of a captive insurance
company. This person is accountable to the FSC for the activities of
the captive he represents. He is responsible to ensure that the
captive is in ongoing compliance with the law.
- Provides an annual solvency certificate to the Government. Admitted
assets must exceed admitted liabilities by not less than $100 000 or 15%
whichever is higher. The limit of $100 000 does not apply to
individual cells in a Protected Cell Company (PCC).
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Admitted Assets (redefined)
- Any investment issued or guaranteed by Government of Mauritius
- Cash in hand and in bank deposits, and bank certificates of deposit.
- Treasury bills, tax reserve certificates, certificates of tax deposit,
savings bonds and fixed interest securities issued by Mauritius, USA, OECD
Countries, and other jurisdictions approved by FSC.
- Any investment with a fixed maturity date listed on a recognised exchange
- Insurance and reinsurance balances receivable net of doubtful items
- Accounts receivable net of bad debts, including loans to related companies
provided prior approval is granted by FSC
- Letters of credit issued by recognised banks
- any other assets approved by FSC.
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