Modernising the Insurance Sector and Supporting Motorsport

On 19 February, the Seychelles Cabinet approved several important legal and policy memoranda at a meeting chaired by President Wavel Ramkalawan.

A notable decision was the repeal of the Insurance Act of 2008, which will be replaced by new legislation scheduled for 2025. This reform aims to modernise the insurance regulatory framework in Seychelles, in line with international best practices established by the International Association of Insurance Supervisors (IAIS).

The new Insurance Act addresses existing gaps in solvency, consumer protection and corporate governance. The Act also introduces enhanced measures for risk-based supervision and licensing reforms. This updated regulatory framework will come into force one year after its approval, providing industry players with the necessary time to adapt to the new requirements.

Furthermore, the Cabinet decided to remove all import taxes on karts. This decision thus facilitates VAT exemptions in collaboration with the National Sports Council (NSC). In addition, an amendment to the Customs Management Regulations was approved, creating a new national division for karts. These initiatives are aimed at easing the financial burden on the Seychelles Karting Association (SKA) and promoting the development of motorsport in the country.