(1) Subject to the subsections (2) and (3), information shall not be disclosed relating to—
(a) an application made to the Minister for a licence under this Act;
(b) the affairs of a licensee; or
(c) the affairs of a customer of a licensee,
that the Minister or a person acting under the authority of the Minister has acquired in the course of their duties under this Act.
(2) Subsection (1) does not apply to a disclosure by the Minister or Director—
(a) necessary for the effective regulation within Saint Lucia of a licensee;
(b) lawfully required or permitted by any court of competent jurisdiction within Saint Lucia;
(c) permitted under this Act or under any other law in force in Saint Lucia; or
(d) in respect of the affairs of the licensee or a customer of a licensee with the authority of the licensee or the customer of the licensee which has been voluntarily given.
(3) Subject to subsection (4), the Minister may disclose to another regulatory authority outside Saint Lucia information concerning the affairs of a licensee where—
(a) the other regulatory authority permits reciprocal disclosure;
(b) the disclosure is in the interest of prudential regulation of a licensee;
(c) the disclosure pertains to actions of a licensee in violation of any law or with respect to the failure of a licensee to comply with generally accepted principles relating to the international insurance business.
(4) Subsection (3) does not authorise the Director to make a disclosure referred to in that subsection unless—
(a) the Director is satisfied that the intended recipient authority is subject to adequate legal restrictions on further disclosures which may include the provision of an undertaking on confidentiality; and
(b) the disclosure does not relate to customers of a licensee other than information relating to large credit exposure of the licensee.