CBS clarifies insurance firm’s position |17 February 2011

La Prudence Mauriciènne Ltèe (LPMA) was licensed by the CBS on August 3, 2009, as a domestic insurer, to carry on solely general insurance business.

After the takeover of 100% of the shares of LPMA by Mauritius Union Assurances Ltd (MUA), in Mauritius, the latter received approval from the CBS to take over the operations of LPMA in Seychelles.

In deciding whether to grant a licence to carry on insurance business, the CBS imposes stringent requirements that need to be met by the applicant. After that, the licensee submits to ongoing supervision to guarantee the policyholders’ security.