The Financial Services Authority (FSA) is the regulator of the insurance industry. (Seychelles News Agency)
The Seychelles Financial Services Authority (FSA), in its capacity as regulator of the insurance industry, has suspended the license of Falcon Insurance Limited, the Authority announced in a press release on Thursday.
FSA said that “Falcon will continue to serve its existing customers and meet its obligations, and will continue to comply with the provisions of the Insurance Act. However, it will not be able to take on any new business during the license suspension period.
The FSA said the company received notice on Thursday, October 27, 2022, in accordance with section 96 of the Insurance Act2008 and advised that the suspension is effective immediately, until further notice.
“This decision has been taken, following routine regulatory inspections by the FSA, where a number of irregularities relating to the Company’s operations have been identified. Currently, an audit of Falcon, commissioned by the FSA, is ongoing,” the press release added.
The FSA said that in order to safeguard the interests of all stakeholders, it has appointed Mariam Rajabally, as Administrator pursuant to Article 101 of the Insurance Act to manage the affairs, business and assets of the company.
“The FSA reassures Falcon policyholders and other stakeholders that it remains committed to ensuring their fair treatment and to maintaining a stable and efficient insurance market for the benefit and protection of the public,” the statement added.
Falcon Insurance, located in Eden Plaza, is a relatively new addition to the local financial services sector and was established in 2013. It offers a variety of insurance including commercial, health and travel, financial liability, home and auto.
The majority of the company’s clients are locally based and it is a Seychelles born and bred insurance company.