We are Reinsurance Solutions (Mauritius) Ltd, 2nd Floor, Suite 240, Barkly Wharf Caudan Waterfront, Port-Louis, an independent reinsurance intermediary.
We authorized and regulated by the Financial Services Commission (FSC); our permitted business is arranging reinsurance contracts. Our FSC Register Number is BI 07 0000 65. These details can be checked on the FSC’s Register by visiting FSC’s website http://www.fscmauritius.org or by contacting the FSC on (+230) 210 7000.
Relationships
We are privately owned and independent. When we have an arrangement with a proposed reinsurer to our financial benefit beyond the remuneration we would normally receive, we will let you know. We will also advise you if we have any conflict of interests regarding the services we provide to you.
Security
We seek reinsurance only from reinsurers which meet our financial security criteria, unless we receive specific instructions from our clients to the contrary. However, we cannot and do not guarantee the solvency or continuing solvency of any reinsurer used. You should note that the financial position of a reinsurer can change after cover has incepted.
Please read this document carefully. It sets out the terms on which we agree to act for you and contains details of our regulatory and statutory responsibilities. Please contact us immediately if there is anything in these terms of business which you do not understand.
We specifically draw your attention to the following sections:-
- The Duty of Disclosure.
- Premium Payment and Cancellation.
- Client Money Arrangement; including
- Interest on Client Money.
The Duty of Disclosure
The law in Mauritius requires prospective insureds and their agents to disclose to insurers all “material information” before the contract is made. The obligation is not limited to material information of which they are aware; it extends to matters of which they ought to be aware in the ordinary course of their business or affairs.
Information and circumstances are material if they “would influence the judgment of a prudent insurer in fixing the premium or determining whether he will take the “risk”. Information may be deemed to influence the judgment of a prudent insurer and be material even if it would not necessarily have led him to decline the risk or to have set an increased premium. If there is any doubt whether information is material, it should be disclosed to insurers.
In addition, prospective and actual insureds and their agents are obliged to act at all times towards insurers with utmost good faith. This means that both parties (insurer and insured) must
enter into the contract in good faith and must disclose all relevant facts with the intent to carry out their respective obligations.
Any failure to disclose material information to insurers or breach of the duty to act with utmost good faith may entitle insurers to avoid the policy of insurance from inception if the breach induced the making of the contract on the relevant terms. This means insurers would be entitled to act as if the policy had never existed.
The duties of utmost good faith and disclosure also apply to the claims process and to any situations during the period of the policy in which the insured is required, under the terms of the policy or otherwise, to provide information to insurers; this includes an extension or amendment or renewal of any policy.
In completing a proposal or claim form, or other document relating to an insurance policy, the accuracy of all answers, statements and/or information is the insured’s sole responsibility.
The same principle of duty of disclosure and utmost good faith applies to insurers in their dealings with their reinsurers.
Premium
We invoice our clients for the premium due plus any taxes which insurers are obliged to collect in respect of the contract of insurance.
Reinsurers may include a premium payment condition as a term of the reinsurance. Failure to comply with the terms of this clause may result in reinsurers issuing a notice of cancellation; and failure to pay reinsurers the premium in full before the notice period expires will enable them automatically to terminate their obligations under the policy. We will inform you of any such requirements and the relevant date(s).
In some cases, reinsurers may impose a warranty under the terms of which the premium must be paid to them by a certain date; failure to comply with the exact terms of the warranty will enable the insurer automatically to terminate their obligations under the policy. Again, we will inform you of any such requirements and the relevant date(s).
Unless agreed in advance and specifically stated on our debit note to you, all premiums should be paid to us no later than 10 business days prior to the settlement due date required by your insurers and notified by us. This is to allow us sufficient time to pass cleared funds to your insurers.
Cancellation
In the event of cancellation of the reinsurance contract after inception, reinsurers may return a pro rata premium to us: once our remuneration has been earned our brokerage or fees will not usually be returnable. We therefore reserve the right to retain our brokerage or fees in full in such circumstances.
Documentation
We will issue documentation confirming the details of the policy purchased, including the identity of your reinsurers.
We will advise you of the date(s) on which any premiums are due, and if relevant, the consequence of late-payment.
It is important that you:
- read all your documentation carefully and inform us immediately if you have concerns with the coverage arranged for you; and
- Keep your reinsurance documents in a safe place while they remain open to you to make a claim.
Claims
You should notify us to the above address as soon as possible of a claim or circumstances which may give rise to a claim. It will help if you are able to advise us of the Reinsurance Solutions reference number stated on your cover note. We will advise you what you need to do to pursue your claim; you should note you will need to state all material facts concerning the claim.
Remuneration
We receive our remuneration for our services from Reinsurers unless they quote on net basis in which case we add our remuneration to their quotes.
The method of remuneration is normally in the form of a proportion of the reinsurance contract premium, which is set by Underwriters and known as the commission or brokerage. This commission or brokerage is usually according to the following scale although the individual commissions may vary according to the complexities of each specific reinsurance:
- Proportional Treaty – 2.5%
- Non-Proportional Treaty – 10%.
- Facultative Property – 5%
- Facultative Liability – 10%
- Facultative Special Risks – 15%
Special risks are those for which additional technical assistance is required, such as Venture Capitalists’ and Investment Managers’ Insurances. If the remuneration for a specific facultative does not meet our minimum fee, we reserve the right to add a service fee.
If we receive any other remuneration in connection with the services we provide to you, we will let you know.
Client Money
Client money is money that we receive and hold in the course of carrying on reinsurance mediation on behalf of our clients or which we treat as client money in accordance with the requirements of the FSC’s Brokers’ rules.
Non statutory trust
We keep client money with Barclays Bank Plc: it is separate from our own money and subject to a non-statutory trust as prescribed by the FSC. This means that we are entitled to and may use client money held on behalf of one client to pay another Client’s premium before the premium is received from that other client, and to pay claims and premium refunds to another client before we receive payment from the insurer. We only take our remuneration from client money when we receive the relevant premium from the client.
Interest on Client Money
Any interest or exchange gains realized from client money held by us will be retained by us, unless the law states otherwise.
Complaints
It is always our intention to provide a high standard of service. If our service falls below the standard our clients reasonably expect and they have cause for complaint, we endeavour to ensure that at the appropriate stage the matter is handled fairly and promptly by a suitably senior and independent member of staff.
If you wish to register a complaint then please report to our Compliance Officer in writing at the address above; or by telephone at +230 210 -3238 or by e-mail at info@reinsurance.mu
If we consider that your complaint is not with regard to our performance (for instance, if the complaint concerns the performance of your reinsurer), we will endeavour to put you in contact with an appropriate person to whom your complaint may be addressed.
We have a formal complaints procedure which complies with FSC requirements and which we will send to you on receipt of a complaint.
If we are unable to settle your complaint, you may be entitled to refer it to the Financial Services Commission at 4th Floor, Harbour Front Building, President John Kennedy Street, Port-Louis, Mauritius, on 210-7000; e-mail fscmauritius@intnet.mu
Data Protection
We undertake to comply with the Data Protection Legislation with regard to all relevant personal data.
Law & Jurisdiction
These terms of business shall be governed by and construed in accordance with Mauritian Law. In relation to any legal action or proceedings arising out of or in connection with these terms of business we both irrevocably submit to the non-exclusive jurisdiction of the Mauritian courts
