Palm Tree

 

SRS

Insurance

Company

Limited

 

 

SRS Insurance Company Limited is registered in the Seychelles and is licensed and regulated by the Financial Services Authority Seychelles under the provisions of the Seychelles Insurance Act 2008, as amended and its associated regulations and the Financial Services Authority Act 2013.

SRS is permitted, both under Seychelles and UK legislation, to lawfully provide its insurance products to UK clients subject to specific requirements, as detailed, below.

UK Requirements - Financial Services and Markets Act 2000:

UK Requirements - Insurance Premium Tax:

All SRS insurance sold in the UK is written in accordance with English law and its contracts are enforceable in the courts of England and Wales.

 

Insurance Regulation in Seychelles

 

Regulation of insurers, which is rigourously enforced in Seychelles, was formerly the responsibility of the Insurance Authority, governed by the provisions of the Seychelles Insurance Act 1994. In 2008 responsibility was transferred to the Securities and Financial Markets Division of the Central Bank of Seychelles. With the formation of the new Financial Service Authority under the Financial Services Act 2013, licensing and regulation is now under that body's sole control.

The 2008 Act incorporated sweeping changes to strengthen control of the insurance industry in Seychelles and meet the requirements of the O.E.C.D., particularly in relation to solvency, tax and money laundering. Seychelles were proud to feature in the G20 “White List” of jurisdictions that have substantially implemented the internationally agreed standards.

The full list is:

Argentina, Australia, Barbados, Canada, China, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Japan, Jersey, Korea, Luxembourg, Malta, Mauritius, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Russian Federation, Seychelles, Slovak Republic, South Africa, Spain, Sweden, Turkey, United Arab Emirates, United Kingdom, United States, US Virgin Islands

Strict time limits were stipulated to meet the 2008 requirements. SRS was the first insurer to be awarded a new licence under the 2008 Act, beating even the state owned insurance company, SACOS (the State Assurance Corporation of Seychelles) to the wire, for that honour. The Company maintained its licensed status at all times, under the provisions of the transitional arrangements from the 1994 to the 2008 Act.

 

Home          About Us