(1) This Act applies to—
(a) all insurers, whether or not established in Saint Lucia, which carry on in Saint Lucia any class of insurance business;
(b) privately administered pension fund plans whether administered by individual trustees or by trust corporations;
(2) A body corporate incorporated under the Commercial Code which carries on insurance business in any part of the world other than Saint Lucia shall, for the purposes of this Act, be deemed to be a company carrying on such business within Saint Lucia.
(3) For the purposes of this Act, the reinsurance of liabilities under insurance policies shall be treated as insurance business of the class and type to which the policies would have belonged if they had been issued by the reinsurer, and all the provisions of this Act shall apply to such reinsurance except that a company or an association of underwriters carrying on such reinsurance shall not be required to make in respect of such reinsurance any deposit as required by section 80.