Revised Laws of Saint Lucia (2021)

International Insurance Regulations – Section 28

(Statutory Instruments 82/2000 and 35/2001)

Statutory Instrument 82/2000 .. in force 1 April 2000

Amended by S.I. 35/2001 .. in force 1 April 2000

ARRANGEMENT OF REGULATIONS

INTERNATIONAL INSURANCE REGULATIONS – SECTION 28

Commencement [1 April 2000]

1.   Citation

These Regulations may be cited as the International Insurance Regulations.

2.   Interpretation

In these Regulations—

“Act” means the International Insurance Act;

“Registrar” means Registrar of International Business Companies employed as such under the International Business Companies Act.

3.   Application for licence

A person applying for a licence under section 4 of the Act shall apply by submitting an application form as prescribed in Form 1 of Schedule 1 together with the fee prescribed in Schedule 2.

4.   Licences

1.  

   (1)   A Class “A” subclass “1” licence issued under sections 4 and 7 of the Act shall be in the form as prescribed in Form 2 of Schedule 1.

1.  

   (2)   A Class “A” subclass “2” licence issued under sections 4 and 7 of the Act shall be in the form as prescribed in Form 3 of Schedule 1.

1.  

   (3)   A Class “B” licence issued under sections 4 and 7 of the Act shall be in the form as prescribed in Form 4 of Schedule 1.

1.  

   (4)   A Class “C” subclass “1” licence issued under sections 4 and 7 of the Act shall be in the form as prescribed in Form 5 of Schedule 1.

1.  

   (5)   A Class “C” subclass “2” licence issued under sections 4 and 7 of the Act shall be in the form as prescribed in Form 6 of Schedule 1.

5.   Actuarial opinion

An actuarial opinion required under section 15(3) of the Act shall be as prescribed in Form 7 of Schedule 1.

6.   Notice of change

A notice of change of particulars under section 6 of the Act shall be in the form as prescribed in Form 8 of Schedule 1.

7.   Notice of revocation

A notice of a revocation of a licence under section 21 of the Act shall be in the form as prescribed in Form 9 of Schedule 1.

8.   Fees

1.  

   (1)   In this regulation—

“annual fees” means the annual fee under section 8(2) of the Act;

“prescribed fee” means the prescribed fee under section 8(1) of the Act.

1.  

   (2)   Subject to subregulation (3), the annual fee payable under section 8 of the Act shall be as prescribed in Schedule 2.

1.  

   (3)   Where a licence is granted between—

   1.  

      (a)     1 January and 31 March or on either of these dates, the prescribed fee payable on the grant of the licence shall be the full annual fee;

   1.  

      (b)     1 April and 30 June or on either of these dates, the prescribed fee payable on the grant of the licence shall be 75% of the annual fee;

   1.  

      (c)     1 July and 30 September or on either of these dates, the prescribed fee payable on the grant of the licence shall be 50% of the annual fee;

   1.  

      (d)     1 October and 31 December or on either of these dates, the prescribed fee payable on the grant of the licence shall be 25% of the annual fee.

1.  

   (Substituted by S.I. 35/2000)

9.   Deposits and investment

1.  

   (1)   For the purposes of section 12 of the Act, an eligible company may deposit or invest the applicable sum by any of the following methods—

   1.  

      (a)     treasury bills issued by the Government of Saint Lucia;

   1.  

      (b)     bonds and debentures issued by the Government of Saint Lucia;

   1.  

      (c)     deposits with the Saint Lucia Development Bank;

   1.  

      (d)     deposits with a bank licensed under the Banking Act; or

   1.  

      (e)     deposits with a financial institution approved by the Minister.

1.  

   (2)   An eligible company shall provide an undertaking in writing not to dispose of, pledge, hypothecate, release or otherwise encumber the deposit or investment made under section 12 of the Act without prior notification and approval by the Minister.

Schedule 1

PART 2
APPLICANT'S ADDITIONAL INFORMATION

PART 3
APPLICANT MANAGEMENT

PART 4
DETAILS OF CORPORATE STRUCTURE OF WHICH APPLICANT FORMS PART

PART 5
APPLICANT ADMINISTRATION EXPERIENCE (WHERE APPLICABLE)

PART 6
REGULATORY RELATIONSHIPS

PART 7
STATUTORY DECLARATION – TO BE COMPLETED BY SHAREHOLDERS, DIRECTORS AND SENIOR MANAGEMENT PERSONNEL

Schedule 2

International Insurance Regulations – Section 28

(Statutory Instrument 32/2007)

Statutory Instrument 32/2007 .. in force 30 April 2007

Amended by S.I. 98/2011 .. in force 4 October 2011

ARRANGEMENT OF REGULATIONS

INTERNATIONAL INSURANCE REGULATIONS -SECTION 28

Commencement [30 April 2007]

1.   Citation

These Regulations may be cited as the International Insurance Regulations.

2.   Interpretation

In these Regulations—

“Act” means the International Insurance Act.

3.   Application by incorporated cell company for licence to carry out insurance business

An application for a licence pursuant to section 4 of the Act to carry in insurance business using an incorporated cell company shall be in the form prescribed in Form 1 of Schedule 1 and shall be submitted to the Director together with the fee prescribed in Schedule 2.

4.   Application for a certificate of registration

An application for a certificate of registration pursuant to section 4A (2) of the Act shall be in the form prescribed in Form 2 of Schedule 1 and shall be submitted to the Director together with the fee prescribed in Schedule 2.

5.   Certificate of registration

A certificate of registration issued pursuant to section 4A of the Act shall be —

1.  

   (a)     in the form prescribed in Form 3A, 3B, 3C, 3D, or 3E of Schedule 1, as appropriate, depending on the class and subclass of the licence; and

1.  

   (b)     issued on payment of the fee prescribed in Schedule 2.

6.   Notice of cancellation

A notice of cancellation of a certificate of registration pursuant to section 21A of the Act shall be in the form as prescribed in Form 4 of Schedule 1.

7.   Licences

1.  

   (1)   A Class “A” subclass “1”licence issued pursuant to sections 4 and 7 of the Act shall be in the form as prescribed in Form 5A of Schedule 1.

1.  

   (2)   A Class “A” subclass “2” licence pursuant to sections 4 and 7 of the Act shall be in the form as prescribed in Form 5B of Schedule 1.

1.  

   (3)   A Class “B” licence issued pursuant to sections 4 and 7 of the Act shall be in the form as prescribed in Form 5C of Schedule 1.

1.  

   (4)   A Class “C” subclass “1” licence issued pursuant to sections 4 and 7 of the Act shall be in the form as prescribed in Form 5D of Schedule 1.

1.  

   (5)   A Class “C” subclass “2” licence issued pursuant to sections 4 and 7 of the Act shall be in the form as prescribed in Form 5E of Schedule 1.

8.   Annual fee for licence

The annual fee for a licence payable pursuant to section 8 of the Act shall be as prescribed in Schedule 2.

9.   Responsibility of licensed incorporated cell company

The conduct of insurance business and governance of the affairs of each incorporated cell is the responsibility of the incorporated cell company.

10.   Financial statements

1.  

   (1)   Subject to sub-regulations (1) and (2), an incorporated cell company shall file audited financial statements as required under the Act.

1.  

   (2)   The audited financial statements referred to in sub-regulation (1) shall be prepared on a consolidated basis, including each incorporated cell that is linked to the incorporated cell company.

1.  

   (3)   Separate audited financial statements and actuarial opinions for each incorporated cell shall not be required.

1.  

   (4)   Unaudited management financial statements for each incorporated cell shall be provided to the incorporated cell company, within 3 months of the financial year end, and shall be made available to the Director upon his or her request.

1.  

   (5)   Where the Director has concerns about the accuracy of the unaudited management financial statements of an incorporated cell, the Director may require further information of the international cell company and where information is not provided or the inquiry not satisfied the Director may require the preparing and filing of audited accounts in respect of that incorporated cell.

11.   Financial year

An incorporated cell shall have the same financial year as the incorporated cell company to which it is linked.

12.   Operating agreement to be filed

1.  

   (1)   An incorporated cell company and each incorporated cell that is linked to it shall enter into an operating agreement specifying such matters as the parties determine to govern the relationship, but including the amount of capital, the mechanism for approval of accepting and underwriting risk, the types of investments allowed, the payment of dividends and other distributions, the manner of transferring capital stock of the incorporated cell, and matters affecting the financial affairs of the incorporated cell.

1.  

   (2)   Subject to sub-regulation (3), copies of the operating agreement referred to in sub-regulation (1) and any amendments shall be filed with and approved by the Director at the time of registration.

1.  

   (3)   Any proposed amendments to an operating agreement shall be filed and approved by the Director prior to implementation.

13.   Semi annual reports

An incorporated cell company shall, within the time limits specified in the Act, file semi annual reports in respect of each incorporated cell and in respect of the incorporated cell company.

14.   Capital

1.  

   (1)   The minimum capital for an incorporated cell company shall be $200,000 with a further statutory deposit of $50,000.

1.  

   (2)   The minimum capital for an incorporated cell shall be $50,000 with no statutory deposit.

15.   Separation of assets and liabilities.

1.  

   (1)   It shall be the duty of the directors of an incorporated cell company and its incorporated cells —

   1.  

      (a)     to keep the assets and liabilities of the incorporated cell company separate and separately identifiable from the assets and liabilities of its incorporated cells; and

   1.  

      (b)     to keep the assets and liabilities of each incorporated cell separate and separately identifiable from the assets and liabilities of the other incorporated cells of the incorporated cell company.

1.  

   (2)   The duty imposed by subsection (1) is not breached by reason only that the directors cause or permit assets of the incorporated cell company or any of its incorporated cells to be collectively invested, or collectively managed by an investment manager, provided that the assets in question remain separately identifiable in accordance with sub-regulation (1).

First Schedule

FORM 1

(Regulation 3)

SAINT LUCIA

(International Insurance Act, Cap. 12.15: Section 4)

APPLICATION FOR LICENCE FOR AN INCORPORATED CELL
COMPANY TO CARRY ON INSURANCE BUSINESS IN OR FROM
WITHIN SAINT LUCIA

(To be completed in English Language)

APPLICATION FOR REGISTRATION OF AN INCORPORATED
CELL OF AN INCORPORATED CELL COMPANY
TO CARRY ON INSURANCE BUSINESS IN OR FROM
WITHIN SAINT LUCIA

FORM 2

(Regulation 4)

SAINT LUCIA

(International Insurance Act, Cap. 12.15: Section 4A)
(To be completed in English Language)

FORM 3A

(Regulation 4)

[COAT OF ARMS]

SAINT LUCIA

CERTIFICATE OF REGISTRATION

INTERNATIONAL INSURANCE BUSINESS

(International Insurance Act, Cap. 12.15,: Section 4A)

FORM 3B

(Regulation 4)

[COAT OF ARMS]

SAINT LUCIA

CERTIFICATE OF REGISTRATION

INTERNATIONAL INSURANCE BUSINESS

(International Insurance Act, Cap. 12.15,: Section 4A)

FORM 3C

(Regulation 4)

[COAT OF ARMS]

SAINT LUCIA

CERTIFICATE OF REGISTRATION

INTERNATIONAL INSURANCE BUSINESS

(International Insurance Act, Cap. 12.15,: Section 4A)

FORM 3D

(Regulation 4)

[COAT OF ARMS]

SAINT LUCIA

CERTIFICATE OF REGISTRATION

INTERNATIONAL INSURANCE BUSINESS

(International Insurance Act, Cap. 12.15: Section 4A)

FORM 3E

(Regulation 4)

[COAT OF ARMS]

SAINT LUCIA

CERTIFICATE OF REGISTRATION

INTERNATIONAL INSURANCE BUSINESS

(International Insurance Act, Cap. 12.15: Section 4A)

FORM 4

(Regulation 5)

NOTICE OF CANCELLATION OF REGISTRATION

(International Insurance Act, Cap. 12.15: Section 21A)

FORM 5A

(Regulation 7(1))

[COAT OF ARMS]

SAINT LUCIA

LICENCE

INTERNATIONAL INSURANCE BUSINESS

(International Insurance Act: sections 4 and 7)

FORM 5B

(Regulation 7(2))

[COAT OF ARMS]

SAINT LUCIA

LICENCE

INTERNATIONAL INSURANCE BUSINESS

(International Insurance Act: sections 4 and 7)

FORM 5C

(Regulation 7(3))

[COAT OF ARMS]

SAINT LUCIA

LICENCE

INTERNATIONAL INSURANCE BUSINESS

(International Insurance Act: Sections 4 and 7)

FORM 5D

(Regulation 7(4))

[COAT OF ARMS]

SAINT LUCIA

LICENCE

INTERNATIONAL INSURANCE BUSINESS

(International Insurance Act: Sections 4 and 7)

FORM 5E

(Regulation 7(5))

[COAT OF ARMS]

SAINT LUCIA

LICENCE

INTERNATIONAL INSURANCE BUSINESS

(International Insurance Act: Sections 4 and 7)

Second Schedule

FEES

(Regulations 4 and 5)