Seychelles’ finance services regulator suspends Falcon Insurance’s licence pending investigation

The Seychelles Financial Services Authority (FSA), in its capacity as the regulator for the insurance industry, has suspended the licence of Falcon Insurance Limited, the Authority said in a press release on Thursday.
FSA said that “Falcon shall continue to serve its existing clients and respect its obligations, and continue to abide by the provisions of the Insurance Act. However, it will not be able to take on any new business during the period of suspension of licence.”
FSA said that the company was issued with a notice on Thursday, October 27, 2022, pursuant to section 96 of the Insurance Act, 2008 and advised that the suspension takes immediate effect, until further notice.
“This decision has been taken, following routine regulatory inspections conducted by the FSA, where a number of irregularities relating to the operations of the Company have been identified. Presently an audit of Falcon, commissioned by the FSA, is ongoing,” added the press release.
FSA said that in order to safeguard the interests of all stakeholders, it has appointed Mariam Rajabally, as administrator in accordance with section 101 of the Insurance Act to manage the company’s business, affairs and assets.
“The FSA reassures policyholders and other stakeholders of Falcon that it remains committed to ensuring their fair treatment and maintaining a stable and efficient insurance market for the benefit and protection of the public,” the statement added further.
Falcon Insurance, located at Eden Plaza, is a relatively new addition to the local financial services sector and was set up in 2013. It offers various insurance which includes commercial, health and travel, finance liability, home and motor among others.   
The majority of the company’s clients are locally based and it is a Seychelles-born and bred insurance company.
Source: Seychelles News Agency