Technical Committee on Insurance Comprensation Fund for victims of 'Hit and Run' Accident 

In line with its collaborative approach with industry partners, the FSC will work with the insurance industry stakeholders on the implementation of the new Compensation Fund and take on board their views on the following:

           • who should contribute to the Fund;
           • how the Fund should be administered;
           • how the Fund should be managed;
           • how the right to compensation should be determined;
           • what compensation limits should be imposed amongst others.

The FSC invites those who would like to share their views or make representations to write to the Commission.

Technical Committee on Limited Liability Partnership Bill

An initial Concept Paper on the Limited Liability Partnership (‘LLP’) was prepared by the FSC.  With the task entrusted to the Ministry of Finance and Economic Development and the FSC to establish the most appropriate legislation which meets the needs of operators as well as cater specifically for the Mauritian context with appropriate safeguards for all stakeholders, a Technical Committee will be established to look at the LLP model and into the following:

          • should LLP structure be restricted to professionals only;
          • whether to limit the number of partners in the LLP;
          • Should the law require that its accounts be audited and filed with regulators;
          • the liability of partners in case of malpractice, negligence or fraud; and
          • dissolution and winding up of a LLP amongst others.

The FSC invites those who would like to make representations on the above issues in the LLP model to be adopted in Mauritius to write to the Commission.

The limited liability partnership (‘LLP’) is a business structure operating in the same way as a partnership but with the difference that each member of the LLP will be afforded limited personal liability.

Main features and characteristics of LLPs:

• Each partner is responsible for their own actions while conducting business;
   
• Each partner in a LLP has an equal role in the decision-making process of the business as    well as equal shares in the company's profits and losses;
   
• Generally, businesses formed under this structure will have the acronym LLP attached to their names;
   
• Not all businesses are eligible to operate LLPs and some jurisdictions limit their formation to certain professions.  In such jurisdictions LLPs are tailored for professionals such as doctors, lawyers and accountants;
   
• Partners usually form their business as an LLP to take advantage of its limited liability protection as well as the taxation benefits afforded to partnership businesses.