(1) Any company proposing to undertake any insurance business in Saint Lucia shall apply to the Registrar for registration under this Act and such application shall be accompanied by the fee prescribed in Schedule 3.
(2) An application for registration under subsection (1) shall be in writing on the prescribed form and, shall be signed by 2 directors and the secretary in the case of a local company or by 2 directors and the principal representative in the case of a foreign company, and shall specify—
(a) if a local company, the address of its principal office in Saint Lucia;
(b) if a foreign company, the name of its principal representative and the address of its principal office in Saint Lucia and the address of its Head Office;
(c) the names and addresses of the directors and auditors of the company, and in the case of a company carrying on long term insurance business, the name of the actuary;
(d) in the case of a local company, the name and address of its chief executive officer;
(e) the countries, if any, outside Saint Lucia in which the company carries on insurance business; and
(f) the class or classes of insurance business to be undertaken by the company.
(3) An application under subsection (1) shall be accompanied by—
(a) a certificate of incorporation and, in the case of a foreign company its certificate of registration in Saint Lucia;
(b) a copy of the memorandum and articles of association of the company or other instrument establishing the company;
(c) a copy of the latest revenue account and balance sheet of the company, if any, and a statement of its projections of revenue and expenditure for at least 3 years;
(d) evidence of payment of the prescribed application fee;
(e) in the case of a company having shareholders, a statement showing the nominal, subscribed and paid up capital of the company and the amount of the capital which had been paid up in cash;
(f) details of reinsurance arrangements in respect of each class of insurance business which the company proposes to carry on;
(g) in the case of a company carrying on long term insurance business, a copy of the premium rate book to be used by the company;
(h) specimens of the various standard forms of proposals and policies to be issued in Saint Lucia certified by a director or principal representative of the company to be true and correct; and
(i) such further information as the Registrar considers necessary for determining whether the company is capable of complying with this Act.