Financial SystemsIndia
India: Strengthening Inclusive Insurance and Risk Finance
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Financial Systems, Risk & InclusionAfrica · Seychelles
Insurance Strengthening: Seychelles
Strengthening regulatory supervision & oversight
The engagement
Challenge to impact
01 · Challenge
The Seychelles, an island nation with a growing financial sector, faced mounting pressure to align with international regulatory standards and improve consumer protection in its insurance industry. Though governed by the 2008 Insurance Act and overseen by the Financial Services Authority (FSA), the supervisory framework lacked critical alignment with the International Association of Insurance Supervisors (IAIS) Insurance Core Principles (ICPs). With gaps in enterprise risk management, solvency regulation, licensing consistency, and enforcement tools, the FSA needed a comprehensive and actionable roadmap to elevate its insurance supervision to global best practice, without overburdening its small-scale market or regulatory capacity.
02 · Strategy
The FSA engaged GG International, deploying its Thematic Risk and Insurance Group, led by sector expert Russell Leith, to assess Seychelles' compliance with the IAIS ICPs and deliver a strategic framework for risk-based supervision. The project, executed in collaboration with Holly Bakke, Esq., and other global experts, featured:
03 · Transformation
GG International’s report provided the Seychelles FSA with a phased, practical roadmap to shift from compliance-oriented oversight to a fully risk-based supervisory system. Key outcomes included:
04 · Impact
1
A full diagnostic of the FSA’s institutional, legal, and supervisory frameworks across 26 IAIS Core Principles.
2
Extensive stakeholder interviews with insurers, intermediaries, and government bodies.
3
Field visits, policy reviews, and capacity-building sessions tailored to the Seychelles’ financial maturity.
4
Benchmarking Seychelles’ performance against similar small-island developing states and international norms.
5
Peer-reviewed recommendations addressing enforcement, licensing, actuarial capability, and group-wide supervision.
6
A proposed regulatory action plan to elevate standards in line with IAIS Core Principles.
7
Tailored capacity-building plans, including actuarial support and international secondments.
8
Recommendations for legal and procedural amendments to enhance independence, transparency, and enforcement powers.
9
Enhanced cross-border cooperation strategies, crucial for Seychelles’ role in regional and offshore financial markets.
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