Technical Committee Will Review Mode Of Operation Of Insurance Business

11 years, 7 months ago - September 05, 2012

The decision follows an early meeting that Max Fulton, director of supervision of the Financial Services Commission (FSC) has had with all the Chief Executive Officers of the insurance sector.

These officials discussed their difficulty concerning the interpretation of the wording of Article 1983-63 of the Mauritius Civil Code. The payment of compensation for malpractice is governed by the provisions of this article.

Complexity of the subject has forced participants in a meeting held Friday, August 31, 2012, to appoint a technical committee to look specifically at the question.

There was unanimous agreement on the need to establish a fund to compensate the victims of hit and run. However, they expressed opposition that insolvent companies can be covered by the fund. Discussions regarding the mode of operation, administration and financing of this fund continues.

Text by lexpress.mu

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