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84.   Release of deposits

Revised Laws of Saint Lucia (2021)

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84.   Release of deposits

  1.  

    (1)   When an insurer or insurance broker has ceased to transact business and has given notice to that effect to the Registrar or where the registration of an insurer or insurance broker has been cancelled, all deposits made under section 80 shall be retained by the Registrar and shall not be delivered to the insurer or insurance broker until all the outstanding risks of the insurer or insurance broker, as the case may be, have been provided for or have been surrendered to the satisfaction of the Registrar.

  1.  

    (2)   Upon making application for the release of its deposits, an insurer or insurance broker shall file with the Registrar in respect of all policies issued locally, a list of all policy holders who have not been provided for, or who have not surrendered their policies, and the insurer shall at the same time publish, and continue the publication at least once a week for 6 consecutive weeks in the Gazette and in at least one newspaper published in Saint Lucia and approved by the Registrar, a notice that it will apply to the Registrar for the release of its deposits on a certain day not less than 3 months after the date on which the notice is first published in the Gazette and calling upon the policy holders opposing such release to file their opposition with the Registrar on or before the day so specified.

  1.  

    (3)   After the day so specified in the said notice, if the Registrar is satisfied that the deposits of the insurer, or insurance broker are substantially in excess of the requirements under this Act governing the same in respect of the continuing policy holders, he or she may, from time to time, release to the insurer or insurance broker such portion of the excess as he or she thinks proper in the circumstances, and shall continue to hold the remainder of the deposits for the protection of the continuing policy holders as is provided by this Act, thereafter from time to time as such policies lapse or proof is adduced to the satisfaction of the Registrar that they have been satisfied, further amounts may be released on the authority aforesaid.

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    (4)   Despite this section if an insurer is in liquidation or a judgement of the court is obtained, the deposits or part thereof may, on an order of the court having jurisdiction under this Act or the Commercial Code be released by the Registrar to the liquidator or judicial manager.

However the liquidator or judicial manager shall first satisfy in full the claims of policy holders before making any other payment.

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