Revised Laws of Saint Lucia (2022)

12.   Capital

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   (1)   An international insurance licence shall not be granted or maintained by a company unless it remains an eligible company and—

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      (a)     in the case of a company seeking a subclass “1” licence, it—

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         (i)     has a paid up capital of not less than $50,000 or its equivalent in another currency, or such greater sum as may be prescribed in respect of its general insurance business,

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         (ii)     maintains total capital and surplus, and liquidity adequate to its ongoing needs and planned operations in respect of its general insurance business and in compliance with the regulations, and

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         (iii)     has deposited or invested the sum of $50,000 or its equivalent in another currency in such manner as the Minister may reasonably prescribe; or

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      (b)     in the case of a company seeking a subclass “2” licence it—

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         (i)     has paid up capital of not less than $100,000 or its equivalent in another currency, or such greater sum as the Minister may reasonably determine, in respect of its general insurance business,

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         (ii)     maintains total capital and surplus, and liquidity adequate to its ongoing needs and planned operations in respect of its general insurance business and in compliance with the regulations, and

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         (iii)     has deposited or invested in the sum of $50,000 or its equivalent in another currency in such manner as the Minister may reasonably prescribe; or

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      (c)     in the case of a company seeking a class “B” or class “C” licence it—

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         (i)     has paid up capital of not less than $100,000 or its equivalent in another currency, or such greater sum as the Minister may reasonably prescribe, in respect of its long term insurance business,

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         (ii)     maintains total capital and surplus, and liquidity adequate to its ongoing needs and planned operations in respect of its long term insurance business and in compliance with the regulations, and

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         (iii)     has deposited or invested the sum of $50,000 or its equivalent in another currency in such manner as the Minister may reasonably prescribe.