The project advanced Seychelles' insurance regulatory maturity, and positioned the FSA as a more credible and globally aligned supervisory body. For GG International, the project underscored its reputation as a trusted technical partner for regulators navigating the intersection of policy, markets, and practical implementation.
— Seychelles —
trust. stability. oversight.
Building Insurance Resilience in Paradise: GG International’s Risk-Based Supervision Roadmap for Seychelles
"Effective insurance supervision isn't just about compliance — it's about instilling trust, safeguarding policyholders, and building financial ecosystems that withstand crisis."
— Russell Leith, Thematic Risk & Insurance Group Lead, GG International
Challenge
The Seychelles, an island nation with a growing financial sector, faced mounting pressure to align with international regulatory standards and improve consumer protection in its insurance industry. Though governed by the 2008 Insurance Act and overseen by the Financial Services Authority (FSA), the supervisory framework lacked critical alignment with the International Association of Insurance Supervisors (IAIS) Insurance Core Principles (ICPs).
With gaps in enterprise risk management, solvency regulation, licensing consistency, and enforcement tools, the FSA needed a comprehensive and actionable roadmap to elevate its insurance supervision to global best practice — without overburdening its small-scale market or regulatory capacity.
Strategy
The FSA engaged GG International, deploying its Thematic Risk and Insurance Group, led by sector expert Russell Leith, to assess Seychelles' compliance with the IAIS ICPs and deliver a strategic framework for risk-based supervision. The project, executed in collaboration with Holly Bakke, Esq., and other global experts, featured:
- A full diagnostic of the FSA’s institutional, legal, and supervisory frameworks across 26 IAIS Core Principles.
- Extensive stakeholder interviews with insurers, intermediaries, and government bodies.
- Field visits, policy reviews, and capacity-building sessions tailored to the Seychelles’ financial maturity.
- Benchmarking Seychelles’ performance against similar small-island developing states and international norms.
- Peer-reviewed recommendations addressing enforcement, licensing, actuarial capability, and group-wide supervision.
The review revealed significant progress in foundational governance, but flagged critical gaps in areas such as corporate governance oversight, anti-money laundering frameworks, and group supervision tools, as well as limited internal capacity to implement more advanced actuarial supervision models.
Transformation
GG International’s report provided the Seychelles FSA with a phased, practical roadmap to shift from compliance-oriented oversight to a fully risk-based supervisory system. Key outcomes included:
- A proposed regulatory action plan to elevate standards in line with IAIS Core Principles.
- Tailored capacity-building plans, including actuarial support and international secondments.
- Recommendations for legal and procedural amendments to enhance independence, transparency, and enforcement powers.
- Enhanced cross-border cooperation strategies, crucial for Seychelles’ role in regional and offshore financial markets.