CHAPTER 45 / 55 · Paid
Captive insurer and captive insurance agent.
Follow the captive insurer and the captive agent. The directory header still cites the Insurance Act.
Approx. 16 min with exercisesLaw cut-off: 20 September 2026Our approach
By the end of this chapter
- Describe the shop in one paragraph from the first file on the desk.
- Decide the promoter’s next asks: which stay on this letter, which need another paper.
- Keep neighbouring permissions off this desk.
- Cite the enabling section and treat the licence letter as the book.
How this family is grouped
Follow the captive insurer and the captive agent. The directory header still cites the Insurance Act. Each code below is its own shop: a first file, a week, the asks that need a different paper, then the letter. A quieter label is not a thinner file.
CI-1.1A Captive Insurance Business
FSC · CI-1.1A · Licence
1. GroupCaptive Ltd’s shop
GroupCaptive Ltd is the desk this chapter is for. Carry on a category of captive insurance business licensed under the Captive Insurance Act.
The first file on the desk is this. GroupCaptive Ltd will insure the group’s deductible layer of general risks, not retail motorists. CI-1.1A under the Captive Insurance Act. Check the Schedule category.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a licence under Captive Insurance Act 2015 (directory table header still prints Insurance Act 2005), Captive Insurance Act section 7(4) licence; directory row cites Insurance Act section 7. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not INS-1.2, not the captive agent (CI-2.1), and not an insurance manager as a substitute for the captive licence.
Third, the assumptions stay in the file. Fictional captive. Category matches the Schedule. Cut-off 20 September 2026.
Captive Insurance Act 2015 (directory table header still prints Insurance Act 2005), Captive Insurance Act section 7(4) licence; directory row cites Insurance Act section 7. See the register note · Open the published text ↗.
2. A week with A group’s Mauritius captive
Monday. The promoter walks in with “A group’s Mauritius captive.” Write the facts before anyone names a code: GroupCaptive Ltd will insure the group’s deductible layer of general risks, not retail motorists.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Carry on a category of captive insurance business licensed under the Captive Insurance Act.
Wednesday. They record what this permission is used for. CI-1.1A under the Captive Insurance Act. Check the Schedule category.
Thursday. They write what the letter does not cover. Not INS-1.2. The agent is CI-2.1.
Friday. They lock the assumptions. Fictional captive. Category matches the Schedule. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what CI-1.1A is used for. The Act matters when GroupCaptive Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
A group’s Mauritius captive
GroupCaptive Ltd will insure the group’s deductible layer of general risks, not retail motorists.
Why it fits. CI-1.1A under the Captive Insurance Act. Check the Schedule category.
Different paper
The same promoter asks for INS-1.2
The slide says the CI-1.1A letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not INS-1.2. The agent is CI-2.1.
Different paper
The same promoter asks for the captive agent (CI-2.1)
The slide says the CI-1.1A letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not INS-1.2. The agent is CI-2.1.
| The promoter asks GroupCaptive Ltd to… | This licence? | Why |
|---|---|---|
| A group’s Mauritius captive | Yes | CI-1.1A under the Captive Insurance Act. Check the Schedule category. |
| The same promoter asks for INS-1.2 | No | Keep the neighbouring paper off this desk. Not INS-1.2. The agent is CI-2.1. |
| The same promoter asks for the captive agent (CI-2.1) | No | Keep the neighbouring paper off this desk. Not INS-1.2. The agent is CI-2.1. |
4. Papers that sit beside this one
Not INS-1.2, not the captive agent (CI-2.1), and not an insurance manager as a substitute for the captive licence. Name the other desk when the work changes: INS-1.2; the captive agent (CI-2.1); an insurance manager as a substitute for the captive licence.
- INS-1.2
- the captive agent (CI-2.1)
- an insurance manager as a substitute for the captive licence
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
The captive insurer. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing fee USD 1,000. Status at cut-off: Published captive category as at 1 July 2026.
Who may hold it. The captive insurer. Application is on FSCOne per the directory. A GBL overlay, if any, is extra (Captive Insurance Act section 13).
Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Criteria PDF on the directory. Application contents are in Captive Insurance Act section 7 (business plan, officers, fee).
Rules, codes and circulars. Captive Insurance (Captive Insurance Business) Rules 2024 (consolidated to 29 September 2025) sit beside the Act. CL20260107 for FSC fees generally.
6. How to cite CI-1.1A
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | CI-1.1A Captive Insurance Business |
| Legal nature | Licence |
| Enabling law | Captive Insurance Act 2015 (directory table header still prints Insurance Act 2005) · Captive Insurance Act section 7(4) licence; directory row cites Insurance Act section 7 |
| Fees as at 1 July 2026 | Processing fee USD 1,000. Fixed annual fee USD 2,000. Unless the directory states a different conversion rule, USD figures apply only to an applicant for a Global Business Licence or a corporation holding a Global Business Licence. FSC Circular Letter CL20260107 (1 July 2026) records that the replacement fee schedule operates from 1 July 2026 and that annual fees are due by 30 September 2026. A circular does not rewrite the activity this code authorises. |
| Status at cut-off | Published captive category as at 1 July 2026. Specialist statute is the Captive Insurance Act, despite the directory header. |
The structured library card keeps the same coordinates for search. Open CI-1.1A in the reference library.
FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteInsurance Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register noteCaptive Insurance Act 2015 ↗Register note
CI-2.1 Captive Insurance Agent
FSC · CI-2.1 · Approval (directory: licence row; Act: approved under section 9)
1. CaptiveDesk Ltd’s shop
CaptiveDesk Ltd is the desk this chapter is for. Act as captive insurance agent.
The first file on the desk is this. CaptiveDesk Ltd will be the approved agent of GroupCaptive Ltd. CI-2.1 / Captive Insurance Act section 9.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a approval (directory: licence row; act: approved under section 9) under Captive Insurance Act 2015, Section 9 (directory cites Insurance Act section 9). A company name is not a permission.
Second, neighbouring papers stay off this desk. Not the captive insurer, not INS-2.1 insurance manager as a complete substitute, and not INS-2.2A.
Third, the assumptions stay in the file. Fictional agent. Cut-off 20 September 2026.
Captive Insurance Act 2015, Section 9 (directory cites Insurance Act section 9). See the register note · Open the published text ↗.
2. A week with An agent running the captive’s Mauritius file
Monday. The promoter walks in with “An agent running the captive’s Mauritius file.” Write the facts before anyone names a code: CaptiveDesk Ltd will be the approved agent of GroupCaptive Ltd.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Act as captive insurance agent.
Wednesday. They record what this permission is used for. CI-2.1 / Captive Insurance Act section 9.
Thursday. They write what the letter does not cover. The agent is not the captive and not a general insurance manager by this approval alone.
Friday. They lock the assumptions. Fictional agent. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what CI-2.1 is used for. The Act matters when CaptiveDesk Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
An agent running the captive’s Mauritius file
CaptiveDesk Ltd will be the approved agent of GroupCaptive Ltd.
Why it fits. CI-2.1 / Captive Insurance Act section 9.
Different paper
The same promoter asks for the captive insurer
The slide says the CI-2.1 letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. The agent is not the captive and not a general insurance manager by this approval alone.
Different paper
The same promoter asks for INS-2.1 insurance manager as a complete substitute
The slide says the CI-2.1 letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. The agent is not the captive and not a general insurance manager by this approval alone.
| The promoter asks CaptiveDesk Ltd to… | This licence? | Why |
|---|---|---|
| An agent running the captive’s Mauritius file | Yes | CI-2.1 / Captive Insurance Act section 9. |
| The same promoter asks for the captive insurer | No | Keep the neighbouring paper off this desk. The agent is not the captive and not a general insurance manager by this approval alone. |
| The same promoter asks for INS-2.1 insurance manager as a complete substitute | No | Keep the neighbouring paper off this desk. The agent is not the captive and not a general insurance manager by this approval alone. |
4. Papers that sit beside this one
Not the captive insurer, not INS-2.1 insurance manager as a complete substitute, and not INS-2.2A. Name the other desk when the work changes: the captive insurer; INS-2.1 insurance manager as a complete substitute; INS-2.2A.
- the captive insurer
- INS-2.1 insurance manager as a complete substitute
- INS-2.2A
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
The person approved as captive insurance agent — company or individual as the forms allow. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing fee USD 1,000. Status at cut-off: Published captive-agent category as at 1 July 2026.
Who may hold it. The person approved as captive insurance agent — company or individual as the forms allow.
Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Separate company and individual forms on the directory.
Rules, codes and circulars. Captive Insurance Business Rules apply to the captive; the agent remains section 9. CL20260107 for fees generally.
6. How to cite CI-2.1
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | CI-2.1 Captive Insurance Agent |
| Legal nature | Approval (directory: licence row; Act: approved under section 9) |
| Enabling law | Captive Insurance Act 2015 · Section 9 (directory cites Insurance Act section 9) |
| Fees as at 1 July 2026 | Processing fee USD 1,000. Fixed annual fee USD 1,500. Unless the directory states a different conversion rule, USD figures apply only to an applicant for a Global Business Licence or a corporation holding a Global Business Licence. FSC Circular Letter CL20260107 (1 July 2026) records that the replacement fee schedule operates from 1 July 2026 and that annual fees are due by 30 September 2026. A circular does not rewrite the activity this code authorises. |
| Status at cut-off | Published captive-agent category as at 1 July 2026. |
The structured library card keeps the same coordinates for search. Open CI-2.1 in the reference library.
FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteInsurance Act 2005 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register noteCaptive Insurance Act 2015 ↗Register note
PAUSE & REFLECT
Check your understanding.
Three questions to make the ideas stick. Your score is saved on this browser; this is a learning exercise, not a qualification.
Follow the sources.
Each title opens the published text. The register note records the edition used for this course.
- FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗ All published category codes, fees, forms and licensing-criteria columns; consolidation as at 1 July 2026 · Register note
- Financial Services Act 2007 ↗ Sections 2, 14, 14A, 16–18, 25, 33, 71A, 72, 77, 77A, 77B, 77C, 78, 79A; Second Schedule Parts I–III; Fifth Schedule · Register note
- FSC licensing and fees amendment rules 2026 ↗ Rule 3 and replacement First Schedule; rule 4 commencement · Register note
- FSC Circular Letter CL20260107 — review of fees and renewal of licences ↗ 1 July 2026 fee review; annual-fee due date 30 September 2026; FSCOne alternative arrangements · Register note
- FSC rules and regulations directory ↗ Consolidated licensing and fees rules; sector-specific rules including Securities (Licensing) Rules and Family Office Rules · Register note
- Captive Insurance Act 2015 ↗ Sections 6–9; licence issued under section 7(4); captive insurance agent under section 9 · Register note
- Insurance Act 2005 ↗ Sections 7, 11, 70, 75, 78, 78A · Register note
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