Revised Laws of Saint Lucia (2023)

• 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

• 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

• 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

• 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

• 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

• 33.   Prohibitions

• 80.   Amount of deposits

• Schedule 6

• 26.   Annual accounts

• 57.   Documents to be supplied to Registrar

• 57A.   Extension of time under section 57

• Schedule 4

• Schedule 5