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26.   Annual accounts

Revised Laws of Saint Lucia (2021)

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26.   Annual accounts

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    (1)   Subject to subsection (3) a company shall, within 4 months of each financial year, or within such extended period not exceeding 2 months as the Registrar may allow, submit to the Registrar 3 copies of—

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      (a)     a balance sheet showing the financial position of all insurance business of the company at the close of that year;

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      (b)     a profit and loss account in respect of all its insurance business in that year;

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      (c)     separate revenue accounts in respect of each class of insurance business carried on by it;

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      (d)     an analysis of long term insurance policies in force at the end of that year;

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      (e)     a certificate by the auditor that the company is solvent in accordance with section 34 of this Act; and

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      (f)     such other documents and information as may be required by the Registrar.

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    (2)   A company shall furnish the Registrar with a copy of any report on the affairs of the insurer submitted to the policy holders or shareholders of the insurer in respect of the financial year to which those documents relate.

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    (3)   All the documents required to be furnished under subsection (1) shall separately provide information on the world wide business of the company as well as the business in Saint Lucia, and such documents shall be prepared in such form as may be prescribed by the Registrar.

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    (4)   A company incorporated outside of Saint Lucia carrying on business in Saint Lucia shall submit to the Registrar a copy of the statement of accounts submitted to the regulatory authority in the country of incorporation.

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    (5)   If, in the opinion of the Registrar, a document furnished by a company under subsection (1) is incorrect or incomplete or is not prepared in accordance with this Act, he or she may, by notice in writing, call upon the company to amend the document or to furnish a correct document, as the case may be.

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    (6)   If a company fails to comply with a notice referred to in subsection (5) to the satisfaction of the Registrar, the Registrar may amend the document in question, giving the company particulars of the amendments, or reject the document.

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    (7)   A document amended by the Registrar or by a company under this section shall be treated as having been submitted to the Registrar in its amended form.

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    (8)   If a document has been rejected by the Registrar under subsection (6) the company shall be treated as having failed to comply with subsection (1) in relation to that document, unless it has furnished within the time specified another document in accordance with the directions of the Registrar.

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    (9)   A company which fails to submit any account, statement or other document required under this section, shall pay a fee of $200 for every day that the account, financial statement or other document remains not submitted after the due date or the date extended by the Registrar, and such fee shall be payable by the company on such date as may be fixed by the Registrar and if not paid the company commits an offence and is liable on summary conviction to a fine of $40,000 together with any fee incurred for not submitting the statements or other documents on the due date or on the date extended by the Registrar.

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    (10)   A company shall, at the request of a policy holder make available to that policy holder a copy of the relevant revenue account, profit and loss account and balance sheet prepared by the company under subsection (1) in respect of its last preceding financial year.

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    (11)   The documents required to be furnished under subsection (1) shall be certified by an independent auditor, and if long term insurance business, by an actuary, and the Secretary or the principal representative and a director of the company.

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