Mauritius Offers An Attractive & Stable Environment For Captive Insurance Companies

Mauritius Offers An Attractive & Stable Environment For Captive Insurance Companies
Webinar

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Background: Mauritius offers an attractive and stable environment for captive insurance companies. Captive insurance entities have become a preferred vehicle for companies to manage their annual premium payments with sustained and continued growth over the past decade.

The Captive Insurance Act was passed in 2015 with the aim of making Mauritius a captive domicile of choice and to introduce a new framework in line with international best practices which is equally competitive and will attract pure captive insurance corporations from around the world. Permissible classes of captive insurance business under the Captive Insurance Act are insurance or reinsurance pertaining to general insurance business, Alternative Risk Transfer policy contracts or any other class or type of insurance business as may be prescribed. At present, the Captive Insurance Act only caters for pure captive insurance business, i.e. the business of undertaking liability restricted exclusively to the risks of the parent and affiliated corporations.

This webinar focuses on maintaining a regulatory system that attracts quality insurance business to Mauritius, safeguards the solvency of captive insurers and aims to shed light on the practical implications of the ongoing initiatives on the Captive Insurance Business.

In this webinar, we will hear from expert speakers who will elaborate on:

The Captive Insurance Framework
Authorization and Supervision processes of Captive Insurance
Experience from licensees

Agenda:

10:00 - 10:05 BST - Welcome and Introduction, Hugh Morris, Senior Research Partner, Z/Yen Group

10:05 - 10:15 BST - Keynote Address, Mr Dhanesswurnath Thakoor, Chief Executive, Financial Services Commission Mauritius (FSC)

10:15 - 10:30 BST - Overview of the Captive Insurance Framework, Mr Aakash Mishra, Assistant Director, FSC

10:30 - 10:45 BST - Authorisation Process, Mr Kamalsing Burun, Assistant Director, FSC

10:45 - 10:55 BST - Share Experience on Captive Insurance Market, Mr Kabir Ruhee, CEO, Rogers Capital Captive Insurance Management Services Ltd (RCCIMS)

10:55 - 11:05 BST - Share Experience on Captive Insurance Market, Dr Chakanyuka Goodman, Executive Credit Risk Management, TDB Captive Insurance Company (TCI)

11:05 - 11:15 BST - Share Experience as Pure Captive Insurer, Mr David Too Sai Voon, Director, ProtectSure Captive Insurance Company Ltd

11:15 - 11:30 BST - Q&A and Concluding Remarks, Hugh Morris, Senior Research Partner, Z/Yen Group

Speakers:

Mr Dhanesswurnath Thakoor is the Chief Executive of the FSC Mauritius since 18 May 2020. He holds a master’s degree in Information Technology, Electronics and Systems Automation from Polytech Lille-France and an MBA with specialization in Finance. Mr. Thakoor also has 25 years of Central Banking experience. In his capacity as Chief Executive, Mr. Thakoor represents the FSC Mauritius in a number of international regulatory bodies and committees including the IOSCO, the International Association of Insurance Supervisors (IAIS), the International Organisation of Pension Supervisors (IOPS) and the Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA). The FSC Mauritius is the Africa/Middle-East Regional Committee (AMERC) representative in the IOSCO Board for the term 2022-2024. Mr. Thakoor spearheaded results-driven initiatives at the level of FSC Mauritius to complete the action items to address the strategic deficiencies identified by the FATF. These efforts have been instrumental for Mauritius to exit the FATF Grey List in October 2021. Mr. Thakoor has also been at the forefront in the establishment of a modern regulatory framework of a spectrum of innovative financial products and services such as Virtual Assets, VCCs, SILIB, Peer-to-Peer Lending, Crowdfunding and Guidelines for the issue of Green Bonds, among others. He also led a number of digitalization-driven projects among which the FSC One Platform and is now leading the National Insurance Claims Database project.

Prior to joining the FSC Mauritius, he held the post of Assistant Director – Payments Systems and the Mauritius Credit Information Bureau at the BoM. He was also a member of the internal Fintech Committee and a member of the National Regulatory Sandbox License technical committee at the BoM. Mr. Thakoor is a member of the Core Group for AML/CFT, the National AML/CFT Committee, the Interagency Coordination Committee, the National Regulatory Sandbox Licence Committee, the National Sanctions Committee, the National Committee on Corporate Governance, the RCE Governing Board and the Financial Reporting Council.

Mr Aakash Mishra is Assistant Director and has a professional career of over 28 years with extensive hands-on experience in business leadership, strategic planning, business acquisition, budgeting and forecasting, insurance operations and risk management. He held senior level positions in leading insurance companies based in Mauritius, Tanzania and India. He holds a Master of Business Administration (MBA) and a Master of Science from the University of Delhi. Mr Mishra is also a fellow member of the Life Management Institute (LOMA) and is a Licentiate from the Insurance Institute of India. He has been the past President of the Insurers Association of Mauritius from 2014 to 2016.

Mr Kamalsing Burun is Assistant Director and heads the Authorisation Directorate at the Financial Services Commission. He previously worked for a major international bank where he held various positions in Mauritius and in Hong Kong where he has served in local and regional tax advisory roles. He also led on the implementation of financial crime compliance programmes while at the bank, covering anti-money laundering and sanctions. He has served as director of a number of investment and fund companies. Kamal has also worked as a consultant advising on cross-border tax planning in the UK. He is a Fellow of the Association of Chartered Certified Accountants (ACCA), a Chartered Tax Adviser and a member of the Chartered Institute of Securities and Investments (CISI). He was previously a member of the Executive Committee of the International Fiscal Association – Mauritius Branch.

Kabir Ruhee is the Chief Executive Officer of Rogers Capital. He has 21 years of experience in increasingly responsible positions in business leadership, technology transformation, management consulting and financial services in the private sector in Europe, Mauritius and Africa. He is known as a quick learner with strong leadership and interpersonal skills. Respected for ability to communicate effectively at all levels.

Chakanyuka Goodman is a seasoned executive level African credit risk professional with a proven track record of delivery. He has fulfilled similar roles for over 25 years with notable achievements. He has served Trade and Development Bank(TDB) since October 2013, as Executive Credit Risk. Prior to joining TDB, he served as Chief Risk Officer at Nedbank (Swaziland) and held senior positions with Kingdom Bank (Botswana) and African Export- Import Bank.

He has excellent knowledge of Project /Infrastructure and Trade Finance products and financing structures acquired through actual experience in a Development Finance Institution (DFI) and Multilateral Business Development (MBD) environment- having worked for two reputable African regional development financial institutions and a world-class commercial 4 bank. He has experience in sovereign credit and commercial credit as well as portfolio risk management. He also has current knowledge of global economic and political developments and evolving trends in global capital markets.

David Too Sai Voon is a seasoned Financial Executive with solid and progressive experience in all facets of accounting, financial management, operations management, and executive leadership within the manufacturing industry. Highly skilled in collaborating with all members of the organization to achieve business and financial objectives, he has been instrumental in optimizing cash flow, streamlining financial processes, enhancing productivity levels, introducing process improvements, and implementing technology solutions. Mr. Too has played a pivotal role in the growth of the CMT group.

Adept at working in high pressure environments with strict deadlines & multiple deliverables to implement best practices that consistently deliver outstanding result, most recently he took a leading role in the overseas expansion of the company with direct engagement in merger and acquisition projects totaling not less than USD 50 Million. He is today a member of the executive board of the CMT Group.

Mr. Too holds a strong record in creating value and has a deep and broad experience in capital markets, risk management, asset liability management, credit risk management, business development and mergers and acquisitions. He spearheads the insurance placement programme of the group and leads annual road shows to the major insurance hubs including in Dubai, Singapore, Switzerland and Lloyds in London

Date
Thursday, 22 June 2023

Time
10:00 - 11:30 BST

Cost
Free