Revised Laws of Saint Lucia (2022)

21.   Powers of Minister

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   (1)   Where the Minister is of the opinion that a licensee is or appears likely to become unable to meet its obligations as they fall due, or is carrying on business in a manner detrimental to the public interest, the interest of its policyholders, or other creditors, or has contravened this Act, or has failed to comply with a condition of its licence, or that a condition exists that would have caused the Minister to refuse to grant a licence upon application therefore, the Minister may—

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      (a)     revoke the licence;

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      (b)     impose conditions, or further conditions as upon the licence and may amend or revoke any such condition;

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      (c)     require the substitution of any director or officer of the licensee;

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      (d)     at the expense of the licensee, appoint a person to advise the licensee on the proper conduct of its affairs and to report to the Minister thereon within 3 months of the date of that person's appointment;

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      (e)     at the expense of the licensee, appoint a person to assume control of the licensee's affairs who shall, with the necessary changes, have all the powers of a person appointed as a receiver or manager of a company registered under the International Business Companies Act; and

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      (f)     require such action to be taken by the licensee as the Minister considers necessary.

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   (2)   A licensee may, within 7 days of the decision, apply to the Minster for a reconsideration of the Minister's decision to revoke a licence under subsection (1)(a).

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   (3)   A person appointed under subsection (1)(d) or (1)(e) or whose appointment has been extended under subsection (4)(b), shall from time to time at the person's discretion and in any case within 3 months of the date of that person's appointment or of the extension of that person's appointment prepare and furnish a report to the Minister of the affairs of the licensee and of the Minister's recommendations thereon.

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   (4)   On receipt of a report under subsection (3), the Minister may—

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      (a)     revoke the appointment of the person appointed under subsection (1)(d) or (1)(e);

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      (b)     extend the period of the person's appointment;

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      (c)     subject to such conditions as the Minister may impose, allow the licensee to reorganize its affairs in a manner approved by the Minister; or

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      (d)     revoke the licence and apply to the Court for an order that the licensee be wound-up by that Court in which case,

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   the provisions of the International Business Companies Act relating to the winding-up of a company by that Court shall apply.

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   (5)   Despite any provisions of this Act, the Minister may revoke a licence if a licensee—

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      (a)     has ceased to carry on international insurance business; or

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      (b)     goes into liquidation or is wound-up or otherwise dissolved.

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   (6)   Where the Minister revokes a licence under subsection (1)(a), subsection (4)(d), or subsection (5), the Minister shall cause notice of such revocation to be published in the Gazette, and may cause such notice to be published (whether within Saint Lucia or elsewhere), in such newspaper or other publication as the Minister may consider necessary in the circumstances.