Cabinet approves a number of legal and policy memoranda |20 February 2025

President Wavel Ramkalawan yesterday chaired a scheduled meeting of the Cabinet, in which a number of legal and policy memoranda were approved.

Cabinet approved the repeal of the Insurance Act, 2008, and the enactment of the new Insurance Act, 2025, to modernise Seychelles’ insurance regulatory framework in line with international best practices set by the International Association of Insurance Supervisors (IAIS). The new legislation addresses key deficiencies in solvency requirements, internal controls, consumer protection, and reinsurance arrangements while introducing enhanced provisions on corporate governance, risk-based supervision, and licensing reforms. The Act will take effect one year after approval, allowing industry stakeholders time to transition to the updated regulatory framework.

Cabinet approved the removal of all import taxes on karts, with VAT exemptions facilitated through the National Sports Council (NSC). Additionally, Cabinet endorsed the amendment of S.I. 113 of 2022, Customs Management (Tariff and Classification of Goods) Regulations, to create a new national split for karts. These measures aim to reduce the cost burden on the Seychelles Karting Association (SKA), enhance accessibility to the sport, and support its development while ensuring a streamlined tax framework.

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