Revised Laws of Saint Lucia (2021)

21A.   Cancellation of registration

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   (1)   If the Director is of the opinion that an incorporated cell 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 registration, or that a condition exists that would have caused the Director to refuse the registration of the incorporated cell upon application for registration, the Director may as soon as possible—

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      (a)     cancel the registration of the incorporated cell;

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

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      (c)     require such action to be taken by the incorporated cell as the Director considers necessary.

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   (2)   An incorporated cell may, within 7 days of a decision under subsection (1)(a), apply to the Minster for a reconsideration of the Director's decision to cancel the registration.

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   (3)   Despite any provisions of this Act, the Director may cancel the registration of an incorporated cell if the incorporated cell—

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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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   (4)   Where the Director cancels the registration of an incorporated cell he or she shall—

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      (a)     cause notice of the cancellation 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 may be considered necessary in the circumstances; and

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      (b)     apply to the Court for the incorporated cell to be wound-up either by that Court or subject to its supervision, and on the making of such an order, the provisions of the International Business Companies Act relating to the winding-up of a company by or subject to the supervision of that Court apply with the necessary changes.

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   (Inserted by Act 44 of 2006)