(1) A foreign company shall not be registered to carry on insurance business in Saint Lucia unless, in addition to complying with section 15, the Registrar is satisfied that the company is lawfully constituted in accordance with the laws of the country in which it is incorporated and has undertaken insurance business in that country for at least a period of 5 years before the date of the application for registration in Saint Lucia.
(2) The Minister may by order published in the Gazette vary the period specified in subsection (1).