Revised Laws of Saint Lucia (2021)

2.   Interpretation

For the purpose of this Act—

“Caribbean Community” has the same meaning assigned to it by section 2 of the Intra-Caribbean Trade Agreement Act;

“Comptroller” means the person holding or lawfully exercising the functions of the office of Comptroller of Inland Revenue;

“foreign insurance company” means, an insurance company not being a resident insurance company;

“general insurance business” means insurance business other than life insurance business, and when carried on shall be considered to be a separate business carried on by a separate person for the purposes of this Act;

“gross premium” means the aggregate of all premiums collected by an insurance company from an insured person and includes premium paid by an insurer to a reinsurer or premium received by an insurance company for reinsurance business;

“income year” means the period of 12 calendar months commencing from the date of commencement of this Act and every succeeding period of 12 months thereafter;

“insurance agent” has the meaning assigned to it by section 2 of the Insurance Act;

“insurance business” has the meaning assigned to it by section 2 of the Insurance Act;

“insurance company” means a resident insurance company, a foreign insurance company, a mutual insurance company, and except where otherwise stated, includes an association of underwriters; (Inserted by Act 24 of 2011)

“life insurance business” means ordinary life insurance business, industrial life insurance business, general and pension annuity business and retirement plan business, and when carried on shall be deemed to be a separate business carried on by a separate person for the purposes of this Act;

“member State” means a member State of the Caribbean Community or the Organisation of Eastern Caribbean States listed in Schedule 2;

“Minister” means the Minister to whom responsibility for the subject of finance is assigned;

“mutual company” has the same meaning assigned to it by section 2 of the Insurance Act;

“national of a Member State” means a company or other legal entity constituted in a member State in accordance with the laws of the member State and which the Member State regards as belonging to it, if the company or other legal entity has been formed for gainful purposes and has its registered office and central administration, and carries on substantial activity within the member State and is substantially owned and effectively controlled by a person who:

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   (a)     is a citizen of a member State;

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   (b)     has a connection with a member State of a kind which entitles that person to be regarded as belonging to or, if it be so expressed, as being native or resident of that member State for the purposes of the laws of that member State relating to immigration,

and for the purposes of this definition, a company or other legal entity is:

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   (i)     substantially owned if more than 50% of the equity interest in the company or entity is beneficially owned by a person mentioned in paragraphs (a) and (b),

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   (ii)     effectively controlled if the persons mentioned in paragraphs (a) and (b) have the power to name a majority of its directors or are otherwise legally entitled to direct its actions;

“premium income” means gross premium less refunds and less reinsurance premiums collected by an insurance company in respect of insurance premiums during an income year;

“resident insurance company” means in relation to the payment of tax on premium income by a company carrying on life insurance business, a company that is registered or incorporated in Saint Lucia or a member State with not less than 51% of its paid up capital owned by persons resident in Saint Lucia or persons who are nationals of member State.

(Amended by Act 21 of 2006)