In view of the disasters recorded during the early hours of the 7^th December 2023, the Financial Services Authority (“FSA”) would like to express its solidarity and support with all those affected.

In view of such, FSA hereby notes the Insurance Association’s affirmation that necessary measures will be undertaken in order to ensure that any queries and/or grievances lodged are dealt with in a timely and collective manner.

In line with its objectives, FSA remains committed and stands ready for any queries that the general public may have.

In order to provide more clarity to policyholders and stakeholders regarding the current situation, the below Frequently Asked Questions (“FAQ”) have been prepared. However, for any further queries or clarifications, please do not hesitate to contact the FSA on +248 2643227.

Frequently Asked Questions 

1. Has the FSA been affected by this disaster?

Yes, we wish to advise that the FSA offices at the Sunshine Commercial Building, Providence will remain closed until further notice.

In view of such, FSA is operating via a combination of staff working in-office at the Headquarters at Bois de Rose complemented by staff working remotely to ensure the smooth running of our daily operations.

The FSA will continue to monitor the situation and will provide updates accordingly

2. What is the role of the FSA in dealing with the situation?

The FSA being the regulator of the insurance sector is working actively and closely with the insurance companies in order to discuss the situation further and strategise on the way forward to deal with the matter at hand.

All policyholders are advised to contact their respective insurers and the FSA for any queries and/or grievances that they may have.

3. What advise does the FSA have for the general public?

The FSA wishes to reassure the general public that it remains committed to the safety and protection of all policyholders and is available via a dedicated hotline +248 2643227 for any queries and/or issues that you may have. 

4. Does my Householders insurance policy cover any loss or damage?

A Householders cover will meet homeowners’ needs by providing compensation in the event you suffer damage to or loss of your home caused by any one or more perils.

In the event you took additional covers for contents to cover valuable possessions such as jewellery, paintings or furniture within your home this may also be indemnified as per the terms and conditions of your respective policy.

Please consult your broker and insurer (as applicable) for the terms and conditions of your insurance policy.

5. When should I report my claim to my insurance company?

You should report your claim as soon as possible, this can be done in person, via email and telephone call to your insurer or broker (as applicable).

6. Does my business interruption policy cover such loss and damage?

Please consult your broker and insurer (as applicable) for the terms and conditions of your insurance policy.

7. Does my motor vehicle insurance policy cover such loss and damage?

There are two types of motor vehicle insurance policies currently being offered by various insurance company in Seychelles.

Comprehensive insurance coverage covers losses like theft, fire, vandalism, flood storm, and also have additional covers for windscreen, loss of use and personal accident.

Third-party insurance coverage protects you against any legal liability, accidental liability, or property damage in case of an unfortunate event.

Please consult your broker and insurer (as applicable) for the terms and conditions of your insurance policy.

Financial Services Authority

In view of the State of Emergency which has been declared by the President, we wish to advise that the FSA offices at the Sunshine Commercial Building, Providence, the Headquarter, FSA zone and its warehouses at Bois de Rose will remain closed for the duration of the declaration of the State of Emergency.

In view of such, FSA staff will be working remotely to ensure the smooth running of our daily operations and we can be contacted via email.

In regards to the FSA zone, FSA staff will allow access to tenants and employees providing supplies to essential services only. Limited access will be considered for tenants to inspect their warehouses and stocks but not for normal operations. No access will be permitted to the zone to the general public.

The FSA will continue to monitor the situation and will provide updates accordingly.

Financial Services Authority

Local and international media have issued press reports alleging the involvement by a licensed firm, an ICSP, and other legal entities in a scheme to conceal the true ownership of limited partnerships registered in the UK. The reports allege that the firm has helped to form more than 900 UK partnerships under the laws of the UK which have allegedly used secrecy loopholes to attempt to conceal their true owners. The reports also make reference to certain persons that have been identified within the reports as being Seychelles legal and natural persons.

The FSA condemns any unlawful business practices by any licensee and the use of registered entities for illicit purposes. In this light, the FSA is announcing that it has immediately, as of November 2, 2023, commenced an investigation together with other relevant authorities into the allegations being made against the ICSP in question.

Should evidence of regulatory breaches be found from this investigation, the FSA will hold any individual responsible to account through the necessary enforcement action in accordance with the law.

The FSA and other relevant authorities in the Seychelles are committed to effectively implementing the Financial Action Task Force (FATF) Recommendations and ensuring that licensees and regulated entities under its supervisory purview remain compliant to the applicable laws and regulations. The FSA has no tolerance for any activities which undermine the reputation and financial stability of the jurisdiction.

The FSA remains committed to working collaboratively with other international bodies to mitigate the risks inherent to the sector including, but not limited to, the AML/CFT risks.

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Financial Services Authority

Following the suspension of the licence of Falcon Insurance Limited (“Falcon”) on 27 October 2022, the FSA appointed Mariam Rajabally as administrator to manage the company’s business, affairs and assets.

Following Ms Rajabally’s decision to resign as administrator with effect from 15 March 2023, the FSA has today appointed Mr Yogesh Rai Basgeet FCA and Mr George Weru, CPA, CFA, CFE as joint administrators in her place, pursuant to section 101 of the Insurance Act.

Falcon will continue to serve its existing clients, respect its obligations, and adhere to the provisions of the Insurance Act. However, the company remains unable to take on any new business during the period of suspension of its licence.

The FSA remains committed to safeguarding the interests of all policyholders and stakeholders of Falcon and to ensuring the fair treatment of all policyholders and to maintaining a stable and efficient insurance market for the benefit and protection of the public.

For any further queries, please do not hesitate to contact the joint administrators at the following email address: mu_falcon_insurance_administration@pwc.com or on +248 2730104.

Financial Services Authority

Email: procurement@fsaseychelles.sc