VICTORIA, Seychelles — Falcon Insurance Limited can no longer function as an insurance service provider in Seychelles, now that its licence has been revoked by the Financial Services Authority, effective February 8, 2024. The announcement was made yesterday afternoon by the chief executive of the FSA, Randolf Samson, during a press conference held at the authority’s headquarters at Bois de Rose. Also present were the director of the insurance, gambling and pension supervision section, Dedrey Serret, and legal director Taryn Auguste.
The FSA chief executive, flanked by Ms Serret (right) and Ms Auguste, addressed the media on the reasons for the revocation. The authority said the decision follows a detailed review of the company’s operations and its ability to meet the conditions of its licence. Officials noted that the company had failed to satisfy several regulatory requirements over an extended period.
Mr Samson stressed that the revocation will not have an adverse impact on the insurance industry in Seychelles. Existing policyholders will be transferred to other licensed insurers under arrangements supervised by the FSA. The authority is working with the company’s management to ensure a smooth transition for all customers and to protect their interests.
The FSA has reminded the public that only licensed entities are permitted to offer insurance services in the country. Anyone holding an existing Falcon Insurance policy will be contacted directly with details of their new provider. The authority has set up a dedicated hotline to handle queries from policyholders during the transition period.
Mr Samson also noted that the FSA will continue to monitor the market closely to ensure that licensed operators remain in good standing. The authority expects the transition to be completed within the next three months. Further updates will be published on the FSA’s website and social media channels as the process moves forward.
