Subject to this section and section 166, a company shall not be registered to carry on insurance business in Saint Lucia unless—
(a) it has deposited with the Registrar the deposits required under this Act;
(b) it has made arrangements and continues to have in place such arrangements for reinsurance of its business or future business to the satisfaction of the Registrar;
(c) the Registrar is satisfied that the company is solvent under section 34;
(d) it has paid the licence fee stipulated by section 161;
(e) the Registrar is satisfied that having regard to the knowledge and competence of its manager and other officers, the company is in relation to that class of insurance business, capable of carrying on such business efficiently; and
(f) the Registrar is satisfied that the company is capable of complying with such provisions of this Act as are applicable to that class of insurance being undertaken by the company.