Insurance in Seychelles

The Insurance Act 2008 and its 2018 amendment form the main legal framework, supported by regulations on domestic and non-domestic insurance, fees, policyholder protection and insurer restrictions. The FSA licenses and supervises insurers and intermediaries, maintains registers and oversees solvency, conduct, claims, reinsurance and required actuarial or audit approvals. Licensed domestic insurers, non-domestic insurers, brokers and agents operate in the market; protected cell companies and captive insurers mainly serve specialist or international needs. Cover obtained from an unlicensed foreign provider does not receive protection under the Insurance Act. Statutory protection is separate from private insurance. The SPF generally receives 5% of an employee's gross monthly salary from the employee and 5% from the employer, making a total contribution of 10% from 1 January 2023. Employers normally remit contributions by the 21st day of the following month. SPF retirement pension normally starts at 65; early pension between 60 and 64 has a reduced rate and requires the person to stop working. The standard qualification includes at least 10 continuous contribution years immediately before retirement or at least 20 contribution years since 1979. A person who does not qualify may receive a lump sum of contributions with interest. Voluntary SPF contributions are available on a flexible basis and mature at age 55. The Social Security Fund also provides statutory sickness, maternity, paternity, injury, invalidity, disability, retirement, survivor, dependent, funeral and orphan benefits. Benefit access depends on the required evidence and statutory status. Rates amended on 1 April 2025 include monthly amounts of SCR 2,480 for sickness and injury, SCR 6,633.50 for maternity, SCR 3,316.75 for paternity, SCR 6,650 for disability and SCR 2,000 for funeral assistance. Private insurance is contractual, so the policy controls the insured risks, limits, exclusions, deductibles, territorial scope and claim conditions. Householders cover can protect an insured home against stated perils such as theft, fire, vandalism, flood or storm; contents require specific inclusion. Business interruption, life or long-term cover, private medical insurance, travel insurance, personal accident insurance, liability insurance and marine cargo insurance address different risks. Public medical and social benefits belong to the public-services boundary, while private medical insurance remains insurance because it transfers a contractual financial risk. The Motor Vehicles Insurance (Third Party Risks) Act makes road use unlawful without third-party insurance or other required security from an approved insurer. Drivers must produce the insurance certificate to the Police. After an injury accident where no certificate exists, the incident must be reported as soon as possible and no later than 48 hours. FSA consumer guidance distinguishes third-party cover from comprehensive cover. Comprehensive policies may also include theft, fire, vandalism, flood, storm, windscreen damage, loss of use or personal accident, but the exact protection depends on the policy. Premiums depend on the provider, risk, insured amount and selected protection. Insurance-specific charges include 15% VAT on gross premiums except for life insurance, marine cargo and private medical insurance, and a 1% Policy Owners Protection Fund (POPF) levy on gross premiums. The FSA also identifies a 5% withholding tax on ceded reinsurance premiums. There is no standard public premium table or universal acceptance rule for private insurance. Choose an insurer or intermediary listed and licensed by the FSA. Compare the insured amount, covered perils, exclusions, deductible, limits, territorial scope, renewal and cancellation terms, payment requirements and claims contact. Notify the insurer or broker as soon as possible after a loss and preserve relevant evidence. A claim may require the policy number, incident details, invoices and police or medical records. The policy and applicable statutory third-party duties determine whether the claim is covered, and no general statutory deadline for payment of all insurance claims has been evidenced. A provider must have an internal complaint unit under the Financial Consumer Protection Act 2022. Allow the provider up to 21 business days before escalating the matter to the FSA, and retain proof of the internal complaint and supporting documents. The FSA accepts submissions in English, Creole or French, but its process is administrative rather than judicial. An Appeals Board option is generally available within a maximum of 90 days from the FSA decision. Private policies can usually be amended, renewed, cancelled or replaced through the insurer or broker according to their terms; no general statutory portability or switching standard has been evidenced. SPF and Social Security protection instead depends on statutory employment, contribution and eligibility rules. There is no separate insurance law for a particular island or city evidenced in the available national framework. Provider availability outside the main FSA register and headquarters in Victoria on Mahé should be checked directly with a licensed insurer or broker. A proposed August 2026 White Paper signals possible Insurance Act reform, but it is not enacted law and does not change the current rules.