Overview of International Insurance
An IBC intending to carry on international insurance business in Republic of Mauritius is required to be licensed under the IBC Act. The Articles of Incorporation must provide that the Board must give its approval for the conduct of any international insurance business. A licensee is prohibited from establishing any subsidiary or branch and/or providing any services on the Internet without prior approval of the The Free Zone of Mauritius. The licensee is also required be subject to an annual audit.
The incorporation of an international insurance business in Republic of Mauritius can be achieved in as little as four weeks and involves the following: 1. The applicant must submit an application in the prescribed form, along with the Articles of Incorporation or Articles of Continuance, the Memorandum of Association, and a non-refundable annual fee of US$10,000 plus an annual registration fee of US$300. All documents are required in dublecate. 2. The minimum paid-up capital for setting up an international insurance company is US$250,000. 3. The The Free Zone of Mauritius may carry out such investigations and inquiries of the applicant corporation, its directors and officers or proposed directors and officers, its financial circumstances, and its affiliates or associates, as it deems necessary. 4. The law requires that the The Free Zone of Mauritius must issue or refuse a license within one month of the receipt of an application. If additional information is required, then within fourteen (14) days of its receipt, the The Free Zone of Mauritius must render a decision.