Revised Laws of Saint Lucia (2022)

2.   Interpretation

1.  

   (1)   In this Act—

“actuary” means a person who—

1.  

   (a)     is a member of the Institute of Actuaries in England, the Faculty of Actuaries in Scotland, the Society of Actuaries in the United States of America or Canada or other similar body approved by the Minister;

1.  

   (b)     is independent of the licensee and its parent company; and

1.  

   (c)     has at least 5 years of experience as an actuary for a financial institution;

“affiliate” means an entity forming part of a group;

“applicant” means an eligible company which applies for a licence under section 4;

“auditor” means a person who—

1.  

   (a)     is a member of the Institute of Chartered Accountants in Saint Lucia or any other person who is a member of another professional accounting association and who is approved as an auditor by the Minister;

1.  

   (b)     is independent of the licensee and its parent company; and

1.  

   (c)     has at least 5 years of experience in performing audits of a financial institution;

“Court” means the High Court;

“Director” means the Director of Financial Services appointed as such by Public Service Commission under section 11 of the Registered Agent and Trustee Licensing Act;

“eligible company” means a body corporate—

1.  

   (a)     which is incorporated or continued under the International Business Companies Act for the purpose of carrying on international insurance business;

1.  

   (b)     having at least one director who is a resident; and

1.  

   (c)     whose objects or business activities are restricted to international insurance business;

“general insurance business” means insurance business that is not long term business;

“group” means any 2 or more entities, whether corporate or unincorporated, that are in association, and 2 bodies shall be deemed for this purpose to be in association if any one of them has control of the other or both are under the control of the same person or persons;

“incorporated cell” means an international business company linked to an incorporated cell company;

“incorporated cell company” means an international business company created for the purpose of doing business using incorporated cells;

“insurance business” includes—

1.  

   (a)     the business of effecting and carrying out contracts—

   1.  

      (i)     protecting persons against loss or liability to loss in respect of risks to which such persons may be exposed, or

   1.  

      (ii)     to pay a sum of money or render money's worth upon the happening of an event; and

1.  

   (b)     re-insurance business;

“international accounting standards” means the standards of accounting set by the International Accounting Standards Committee for use in the preparation of financial statements;

“international accounting standards committee” means the International Accounting Standards Committee established under the International Accounting Standards Committee Agreement 1973;

“international insurance business” means insurance business by a licensee which does not involve—

1.  

   (a)     undertaking any insurance business with any resident; however another licensee, or a person registered or licensed under any other law in force relating to international financial services is presumed not to be a resident for purposes of this definition;

1.  

   (b)     investing in any asset which represents a claim on any resident, except a claim resulting from—

   1.  

      (i)     a loan to a person registered or licensed under any law in force in Saint Lucia relating to international financial services,

   1.  

      (ii)     a transaction with another licensee under this Act, or

   1.  

      (iii)     the purchase of bonds or other securities issued by the Government, a statutory corporation, or a company in which the Government is the sole or majority beneficial owner;

“licence” means a licence granted under section 4;

“licensee” means an eligible company holding a licence under this Act to carry on international insurance business from within Saint Lucia;

“linked” means the contractual relationship by which an incorporated cell does business through an incorporated cell company;

“long term insurance business” means insurance business of any of the following kinds, namely—

1.  

   (a)     effecting and carrying out contracts of insurance on human life or contracts to pay annuities on human life;

1.  

   (b)     effecting and carrying out contracts of insurance against risks of persons sustaining injury as the result of an accident or dying as the result of an accident or becoming incapacitated or dying in consequence of disease; or

1.  

   (c)     effecting and carrying out contracts of insurance, whether effected by the issue of policies, bonds or endowment certificates or otherwise, whereby in return for one or more premiums paid to the company a sum or a series of sums is to become payable to the persons insured in the future, not being contracts such as would fall within either (a) or (b);

“Minister” means Minister responsible for international financial services;

“person” includes a body corporate or an unincorporated body;

“prescribe” means prescribed in the Regulations;

“Regulations” means Regulations made under section 28;

“registered agent” means a person licensed to carry on the business of international financial services representation under the Registered Agent and Trustee Licensing Act and so designated by a licensee under section 5(1)(b);

“resident” means—

1.  

   (a)     a natural person who is ordinarily resident in Saint Lucia as under the Income Tax Act;

1.  

   (b)     a trust company, partnership, limited partnership or other body, incorporated, established, formed or organised in Saint Lucia under the law in force in Saint Lucia, the majority of shares or other ownership of which is legally or beneficially owned, directly or indirectly, by the Government or by persons who are resident under paragraph (a) or (c) hereof; and

1.  

   (c)     any other trust, corporation, partnership, limited partnership, or other entity who or which is a resident of, or ordinarily resident or domiciled in Saint Lucia as under the Income Tax Act,

1.  

   but does not mean a person registered or licensed under any law in force in Saint Lucia relating to international financial services.

1.  

   (2)   In this Act, unless the context requires otherwise, any reference to “$” shall, unless otherwise stated, be to the lawful currency of the United States of America.