(1) Subject to this Act, a person shall not carry on insurance business in Saint Lucia, unless that person is a company, or an association of underwriters, and registered under this Act.
(2) Every company registered to carry on insurance business in Saint Lucia immediately before the commencement of this Act, shall be deemed to have been registered under this Act.
(3) A company which contravenes this section commits an offence and is liable on summary conviction to a fine of $40,000.