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International Monetary Fund

The nonbank financial sector in the Seychelles consists of five institutions: a Government-owned and a private insurance company; a development bank (DBS) that is majority Government owned; a member-owned credit union (SCU), and a parastatal institution (SHDC) that is essentially an instrument of Government policy in the housing sector. Insurance business is governed by the Insurance Act of 1994. While the Insurance Act calls for insurance companies to be regulated by the Ministry of Finance and Communications, there has been no supervision exercised during the