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2023 Laws not yet authenticated through a Commencement Order

Revised Laws of Saint Lucia (2023)

Back to Revised Laws of Saint Lucia (2023)

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14. Capital

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

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

2. Interpretation

3. Requirement for licence

4. Application for and grant of licence

4A. Registration of incorporated cell company and incorporated cell

4B. Transfer of registration on winding up or dissolution

5. Registered office and registered agent

6. Notification of change of particulars

7. Categories of licences

9. Refusal to grant licence

10. Financial Statements

10A. Cancellation of registration on application

11. Limitations on activities

13. Prohibition on issue, transfer or disposal

14. Use of words

15. Audited accounts for licensee

16. Prohibitions on licensee

17. Number of directors

18. Transfer of business

19. Powers and duties of Director

21. Powers of Minister

21A. Cancellation of registration

22. Order for winding-up

23. Offences and penalties

27. Non-application of Insurance Act and Exchange Control Act

28. Regulations

International Insurance Regulations – Section 28

PART 1 SHORT TITLE AND INTERPRETATION

2. Interpretation

PART 2 LICENCES

3. Requirement for licence

4. Application for and grant of licence

4A. Registration of incorporated cell company and incorporated cell

4B. Transfer of registration on winding up or dissolution

5. Registered office and registered agent

6. Notification of change of particulars

7. Categories of licences

9. Refusal to grant licence

10. Financial Statements

10A. Cancellation of registration on application

11. Limitations on activities

13. Prohibition on issue, transfer or disposal

PART 4 ADMINISTRATION

14. Use of words

15. Audited accounts for licensee

16. Prohibitions on licensee

17. Number of directors

18. Transfer of business

19. Powers and duties of Director

21. Powers of Minister

21A. Cancellation of registration

22. Order for winding-up

PART 5 MISCELLANEOUS

23. Offences and penalties

27. Non-application of Insurance Act and Exchange Control Act

28. Regulations

SUBSIDIARY LEGISLATION

International Insurance Regulations – Section 28 (Statutory Instruments 82/2000 and 35/2001)

2. Interpretation

3. Application for licence

5. Actuarial opinion

6. Notice of change

7. Notice of revocation

9. Deposits and investment

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

International Insurance Regulations – Section 28 (Statutory Instrument 32/2007)

2. Interpretation

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

4. Application for a certificate of registration

5. Certificate of registration

6. Notice of cancellation

8. Annual fee for licence

9. Responsibility of licensed incorporated cell company

10. Financial statements

11. Financial year

12. Operating agreement to be filed

13. Semi annual reports

15. Separation of assets and liabilities.

Second Schedule