Transfer of Insurance from CBS to Siba


Once established, the FSC shall be responsible for the regulation and supervision of non-bank financial institutions including insurance business.

While the legal instrument for establishment of the FSC is in the process of being finalised, the Central Bank of Seychelles (CBS) will derogate its regulatory and supervisory powers and duties conferred under the Insurance Act (2008) to Siba by virtue of section 3(2) of the Transfer and Delegation of Statutory Functions Act, 1970. The transfer takes effect today, July 01, 2013.

To facilitate a smooth transition, the CBS website will continue to display all information relating to insurance business that is presently featured until Siba’s website for insurance supervision is up and running.