Representatives of the Insurers' Association of Mauritius (IAM), exchanged views and made proposals as regards the insurance industry to the Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy, during a pre-Budget consultative meeting, today, in Port Louis.
IAM was represented by its President, Ms Pamela Bussier and Secretary General, Mr Vasish Ramkhalawon.
Several proposals were on the agenda which consist of among others: the removal of Alternative Minimum Tax on companies undertaking life insurance business; tax incentives to encourage long term savings in pension; and enabling insurance companies to directly bid for long term Government of Mauritius/ Bank of Mauritius Securities.
Other proposals pertained to the creation and provision of broader investment so as to bridge current gaps and boost the sector further; implementation of a centralised information exchange system under the aegis of the Financial Service Commission; and implementation of an insurance fraud office for both general and long-term insurance.
In a statement after the meeting, the Secretary General, Mr V. Ramkhalawon, pointed out that the meeting was very fruitful and positive. He added that several recommendations were put forward such as, making the insurance industry an enabling and uplifting force for its policy holders and society at large during their most vulnerable financial situations; and the exclusion of secondary market to avoid situations of monopoly and abuse.