Falcon, an Eden Island-based provider of various insurance products including travel and health, commercial, home, motor and financial liability, was served a notice by the FSA on Thursday 27 October.
The suspension took notice upon immediate delivery of the notice under Section 96 of the Seychelles Act 2008 and will remain in place until further notice.
In a statement, the FSA said: “The decision has been taken following routine inspections … where a number of irregularities relating to the operations of the company have been identified. Presently, an audit of Falcon, commissioned by the FSA is ongoing.”
The agency added that the company will be permitted to continue serving its existing clients and obligations while the suspension is in effect, but that it is not permitted to take on any new business during the period of suspension.
Mariam Rajabally has been appointed by The FSA as administrator of the company’s business, affairs, and assets in accordance with Section 101 of the Insurance Act, with the aim of safeguarding the interest of stakeholders.
“The FSA reassures policyholders and other stakeholders of Falcon that it remains committed to ensuring their fair treatment and maintaining a stable and efficient insurance market for the benefit and protection of the public,” the agency added.
The Seychelles was rated as a safe destination by the Australian government’s Smartraveller travel service in August 2022.