(1) An eligible company desirous of carrying on international insurance business from Saint Lucia may apply to the Minister for the grant of a licence to do so.
(2) An application made under subsection (1) shall be in writing and shall contain such information and particulars and shall be accompanied by such details as may be prescribed together with the prescribed application fee, and the Minister may, if satisfied that the carrying on of such business will not be contrary to the public interest, grant a licence to the eligible company subject to such terms and conditions, if any, as the Minister may deem necessary.