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Revised Laws of Saint Lucia (2023)

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PART 3
REGULATION OF INSURANCE COMPANIES

Registration

PART 3 REGULATION OF INSURANCE COMPANIES

PART 1 PRELIMINARY

2. Interpretation

3. Clarification of carrying on business

4. Application of Act

PART 2 ADMINISTRATION

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

31. Appointment of auditors

32. Variations in forms

33. Prohibitions

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

PART 4 ASSOCIATION OF UNDERWRITERS

55. Registration of association of underwriters

56. Premiums to be held in trust

57. Documents to be supplied to Registrar

57A. Extension of time under section 57

58. Registrar may prohibit writing new policies

59. Cancellation of registration of association

60. Obligations of association

PART 5 INSURANCE AGENTS, BROKERS AND SALESMEN

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

77. Returns to the Registrar

78. Procuring premiums by fraudulent means

79. Failure to pay over money to client or insurer

PART 6 DEPOSITS AND INSURANCE FUNDS

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

PART 7 LONG-TERM INSURANCE BUSINESS

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

PART 8 GENERAL INSURANCE

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

PART 9 PENSION FUND PLANS

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

PART 10 MISCELLANEOUS

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

170. Appeals tribunal

172. False documents

REQUIREMENTS AS TO THE TRUST DEED AND RULES OF REGISTERED PENSION FUND PLANS

PART 3 ACTUARIAL VALUATION REPORT

SUBSIDIARY LEGISLATION

Registration of Insurance Agents, Insurance Brokers and Insurance Salesmen Regulations – Section 167 (Statutory Instrument 77/1995)

2. Interpretation

3. Application for Registration

4. Insurance Agents and Insurance Brokers

5. Certification of applications

6. Certificate of registration

7. Cancellation of certificate

8. Renewal of certificate of registration

9. Forms of notices

10. Registers, to be maintained

11. Submission of annual accounts

12. Client Trust Account

13. Appointment of examiners

14. Remuneration of examiners

15. Scope and form of examinations

16. Frequency of examinations

17. Exemptions from examinations

Insurance Companies (Registration) Regulations – Section 167 (Statutory Instrument 78/1995)

2. Interpretation

3. Forms for application for registration

4. Signatory to an application for registration

5. Currency specification

6. Personal particulars of directors and managers

Insurance Companies (Accounts and Forms) Regulations – Section 167 (Statutory Instruments 79/1995 and 36/1996)

2. Interpretation

3. Revenue account

4. Profit and loss account

5. Balance Sheet

6. Salaries and management expenses

7. Revenue account and balance sheet

8. Currency, to be specified in local currency

9. Corresponding amounts for previous year

10. Certificate of actuary

11. Notes on accounting policies

Insurance Companies (Reinsurance) Regulations – Section 167 (Statutory Instrument 80/1995)

2. Interpretation

3. Submission of reinsurance treaties

4. Information to be supplied on reinsurance treaty

5. Submission of reinsurance pools, etc

Insurance (Admissible Assets and Valuation of Assets) Regulations – Section 167 (Statutory Instrument 81/1995)

2. Interpretation

3. Dependant company

4. Application of Regulations

5. Shares in and debts due from dependants

6. Debts and other rights

7. Immovable property

9. Quoted investments

10. Life interest, reversionary interests, etc

12. Unquoted shares

13. Other assets

14. Assets, to be taken into account to a specified extent only

Insurance (Brokers' Returns Forms) Regulations – Section 167 (Statutory Instrument 126/2002)

2. Interpretation

3. Prescription of brokers' returns forms

Insurance (Appeals Tribunal) Regulations – Section 167(1)(f) (Statutory Instrument 113/2019)