Background to the Insurance Act

Kendall, David; Wright, Harry R.

doi:10.4324/9781315189161-1

Cited by 1 publication

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“…The UK Insurance Act, which was passed in 2016, was seen as the biggest advancement in British insurance legislation since the Marine Insurance Act. The Life Assurance Act of 1774, the Fire Insurance Duty Act of 1782 and the Consumer Rights Act of 2015, which governs consumer insurance contracts, are further important regulations that regulate risk-specific insurance contracts (Elliot, 2017).…”

Section: The British Modelmentioning

confidence: 99%

Assessing the need for a deregulation of the insurance sector of Mauritius to combat money laundering: a comparative study with Singapore and UK

Mahadew

2024

IJLMA

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Purpose The purpose of this paper is to assess the current legal framework on money laundering control in the insurance sector. Essentially, this examination is premised on the interrogation of whether it is still appropriate for Mauritius to apply such stringent, opaque and unyielding Anti-Money Laundering/Combating Financing of Terrorism norms and rules on general insurance when developed nations such as the UK and Singapore have done away with them for a more effective combat against money laundering. It would also be assessed why the financial services commission (FSC) is not able to draw inspiration from its British and Singaporean counterparts in fighting money laundering more effectively. Design/methodology/approach This paper uses the doctrinal legal research methodology which is colloquially described as “black-letter law” approach. It is backed up by a contextual legal analysis that is based on an analysis of relevant legal provisions. It relies ground experience from the insurance industry through the experience of the authors. A comparative approach is used with Singapore and the UK as case studies given that there are significant commonalities to the Mauritian jurisdiction as well as useful differences. Findings It is observed that a move towards a de-regulation of the legal framework on money laundering in the insurance sector with a more relaxed approach is more effective for the Mauritian insurance sector. Evidence is drawn from the Singaporean and British models. A re-structuring of the FSC of Mauritius is also warranted for such an approach to be adopted. Originality/value This paper is among the first academic contribution that proposes a de-regulation and the adoption of a relaxed approach of and by the Mauritian Insurance Industry for a more effective combat against money laundering. It serves as a legal foundational basis for further research in this direction.

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Section: The British Modelmentioning

confidence: 99%

Assessing the need for a deregulation of the insurance sector of Mauritius to combat money laundering: a comparative study with Singapore and UK

Mahadew

2024

IJLMA

View full text Add to dashboard Cite

show abstract

Background to the Insurance Act

Cited by 1 publication

References 0 publications

Assessing the need for a deregulation of the insurance sector of Mauritius to combat money laundering: a comparative study with Singapore and UK

Assessing the need for a deregulation of the insurance sector of Mauritius to combat money laundering: a comparative study with Singapore and UK

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