Commonwealth support boosts insurance industry regulation


Mr Rossiter with Ms Skoll

Appointed by the Commonwealth secretariat, British insurance regulation expert, Stephen Rossiter, is on the first of two working visits to Seychelles to meet colleagues at Siba and help implement the necessary oversight and regulatory frameworks needed to keep Seychelles’ insurance industry in line with the highest international standards.

The two main areas being supported by the Commonwealth assistance are aimed at enhancing the financial solvency and market conduct through world-class insurance industry regulation.
To achieve the required oversight, Mr Rossiter will advise on licensing procedures; ongoing supervision of the insurance industry; off-site analysis of the industry; and on-site inspections.

In addition, he will provide recommendations for an appropriate insurance regulatory organisational structure, highlight additional training opportunities and offer regulatory guidance, as required.

“The Seychelles has all the vital ingredients one would associate with a first-class onshore and offshore financial services jurisdiction. One of the most compelling reasons for my mission is to ensure that the foundation of high insurance regulatory standards established by the Central Bank of Seychelles are entrenched and enhanced.  Siba has a parallel history of serious, professional and high quality oversight.  Through applying the highest standards and ‘best practices’ in areas such as ‘fit and proper’ credentials, off-site analysis, and on-site inspections, I fully expect Siba will come to be regarded as a premier insurance regulator throughout the region by its peers,” said Mr Rossiter.

Mr Rossiter is working with a five-member team of Siba technicians and reporting to Siba’s chief executive Wendy Pierre.

“Siba is extremely pleased to make use of this resource placed at its disposal by the Commonwealth secretariat.  We at Siba are always conscious of introducing the highest global standards pragmatically in a manner that fully takes into accounts the needs of the Seychelles,” said Ms Pierre.

Mr Rossiter also paid a courtesy call on the British high commissioner, Lindsay Skoll, on Tuesday, July 2.
He will be in Seychelles until July 17 and his second visit will be for 12 weeks from September to November.

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