Bois De Rose Avenue, P.O. Box 991
Victoria, Mahe, Seychelles
Gary has over 10 years’ experience in the field of insurance. Prior to joining the FSA, he held the post of Senior Manager, Commercial Lines of the SACOS Insurance Company Ltd in Seychelles. He holds a MBA from the Amity University, India, and is a Senior Associate of the Malaysia Insurance Institute and a Chartered Insurance Practitioner from the Chartered Insurance Institute, UK. He is also an Associate Lecturer at the Guy Morel Institute, Seychelles facilitating training in insurance.
Insurance, Gambling & Pension Section
Under the Insurance Act (2008), the FSA licenses insurance domestic and non-domestic companies as well as insurance service providers (Insurance Broker, Insurance Agent (company /individual),Insurance Sub-Agents, Insurance Managers and Professional Insurance Representatives to conduct insurance business activities.
The FSA’s Insurance Act (2008), Regulations and Codes are aligned with the International Association of Insurance Supervisors (IAIS) standards and principles and focuses on specific regulatory issues relating to capital adequacy, solvency, corporate governance, early warning systems and the protection of policyholders.
The insurance industry plays a vital role in the economic development of the Seychelles. As well as underwriting insurance products, the local insurance companies have also diversified their investment portfolios by venturing into other business sectors such as real estate. Besides the insurers, there are also the licensed brokers and registered agents and sub-agents that makes up the players within the insurance industry.
The Seychelles Financial Authority (FSA) has been mandated to administer the Seychelles Gambling Act, 2014. The Gambling Supervision Section is responsible for the licensing and regulating of slot machine, casino and interactive gambling business of the gambling industry. The purpose of the act is to ensure that the operations of the listed gambling businesses in the Seychelles:
The FSA is also promoting responsible gambling practices within the gambling industry. The GSS is putting forward a responsible gambling awareness program. The aim of the program is to educate the public about the potential risks of gambling, how to gamble responsibly and how to find help in regards to gambling problems.