(758) 468-3200
Government Saint Lucia
Home
About AG Office
Mission & Strategic Priorities
Organizational Structure of Chambers
Role of The Attorney General
Former Attorney Generals
Departments
Heads of Departments
Legislative Drafting
Advice and Litigation
Registry of Companies & Intellectual Property
Administration
Financial Intelligence Authority
Accessibility
Fees
Contact Us
Home
/
Departments
/
Legislative Drafting
/
Revised Laws of Saint Lucia
/
INSURANCE ACT
Revised Laws of Saint Lucia (2023)
Back to Revised Laws of Saint Lucia (2023)
INSURANCE ACT
1. Short Title
2. Interpretation
3. Clarification of carrying on business
4. Application of Act
5. Registrar of Insurance
6. Registrar may secure services of persons
7. Delegation by Registrar
8. Annual Report of Registrar
9. Non-application
10. Restriction on carrying on insurance business
11. Contracts with non-registered insurers
12. Share capital necessary for registration
13. Application for registration
14. Registrar may register company
15. Conditions for registration
16. Registration of foreign companies
17. Obligations of foreign company
18. Notification of change in particulars of registration
19. Application and policy forms
20. Cancellation of registration
21. Reasons for refusal or cancellation
22. Effect of cancellation of registration
23. Company to keep records
24. Information in order to ascertain ability of company to meet obligations
25. Company to keep separate accounts
26. Annual accounts
27. Group accounts
28. Appreciation and depreciation of assets
29. Registrar may request appraisal of property of company
30. Audit
31. Appointment of auditors
32. Variations in forms
33. Prohibitions
34. Solvency
35. Compiling income and liability
36. Power to request information
36A. Confidentiality
37. Power of intervention
38. Notice of intervention
39. Registrar may impose requirements
40. Application for judicial management
41. Order for judicial management
42. Report of Judicial Manager
43. Decision of court on report of Judicial Manager
44. Transfer of business to another company
45. Cancellation of contract or agreement
46. Indemnity of Judicial Manager
47. Cancellation of order
48. Court may order winding-up
49. Procedure on winding-up
50. Value of liability under policies
51. Application of certain assets
52. Liability of directors and officers
53. Application of deposits
54. Winding-up part of business
55. Registration of association of underwriters
56. Premiums to be held in trust
57. Documents to be supplied to Registrar
58. Registrar may prohibit writing new policies
59. Cancellation of registration of association
60. Obligations of association
61. Requirement for registration
62. Application for registration
63. Restrictions on registration
64. Conditions for registration
65. Certificate of registration
66. Certificate to be produced on request
67. Intention to cancel registration
68. Cancellation of registration
69. Submission of audited accounts
70. Notice of termination of agency
71. Registrar may request information
72. Agent of the insurer
73. Liability for unlawful contracts
74. Misleading advertisement
75. Restriction on compensation to unregistered agent
76. Rebating
77. Returns to the Registrar
78. Procuring premiums by fraudulent means
79. Failure to pay over money to client or insurer
80. Amount of deposits
81. Variation of form of deposit
82. Failure to make deposits
83. Minister may attach bank deposits
84. Release of deposits
85. Refund of deposits
86. Deposits to be increased
87. Lost securities
88. Establishment of insurance funds
89. Restriction on the use of assets in a fund
90. Creating a trust
91. Restrictions on trustee
92. Maintaining particulars of fund
93. Investment of assets of a fund
94. Company to appoint actuary
95. Actuarial reports
96. Premium rates to be approved by actuary
97. Misstatement of age
98. Minors may effect policies and take assignments
99. Insurable interest
100. Assignment of policies
101. Effect of notice of assignment
102. Assignment not to distinguish rights
103. Release of assignments
104. Interest of the insured to be protected
105. Effect of capital punishment, suicide, on policy
106. Condition reducing the sum insured, void
107. Application to certain types of policies
108. Paid-up policies
109. Surrender of policies
110. Registrar may vary obligation to pay surrender value
111. Non-forfeiture of ordinary life policies
112. Non-forfeiture of industrial life policies
113. Treatment of debts on issue of paid-up policies
114. Payment to a beneficiary
115. Company may pay money to Registrar
116. Unclaimed monies
117. Objection to policies
118. Returning policies, premium receipt books
119. Falsification of entries, an offence
120. Avoidance where proposal is filled in by agent
121. Particulars to be set out in policies
122. Issue of premium receipt book
123. Premium receipt book to show date premium paid
124. Conversion to a mutual company
125. Application to establish plan of mutualisation
126. Appointment of an independent actuary
127. Approval of application
128. Submission of detailed plan
129. Acceptance by shareholders and policy-holders
130. Recovery of expenses
131. Application for a scheme of transfer
132. Submission of details of scheme
133. Confirmation of a scheme of transfer
134. Return to be made on confirmation of scheme
135. Application of this part
136. Reserves for unexpired risks
137. Reserves for outstanding claims
138. Methods for calculating reserves
139. Prohibition on payment of dividends
140. Deficiency in solvency margin
141. Appropriation of profits towards surplus
142. Plans to be registered
143. Qualifications for registration
144. Registration of plans
145. Amendment not valid until registered
146. Certificate of registration
147. Cancellation of registration of plan
148. Fees payable
149. Additional powers of the Registrar
150. Penalties for default
151. Submission of annual accounts
152. Actuarial investigation
153. Investment of assets of a plan
154. Jurisdiction over local policies
155. Policy to be legible
156. Insurer to maintain register of policies
157. Policy not invalidated by breach of this Act
158. Restriction on use of insurance terms
159. Inspection of documents lodged with Registrar
160. Borrowing powers
161. Annual licences
162. Publication of registration, cancellation
163. Misleading advertisement
164. Publication of authorised and paid-up capital
165. Translation of documents
166. Cabinet may authorise exemptions
167. Regulations
168. Registrar may authorise extension of time
169. Appeals
170. Appeals tribunal
171. Offences
172. False documents
173. Penalties
174. Savings
Schedule 1
Schedule 2
Schedule 3
Schedule 4
Schedule 5
Schedule 6