Revised Laws of Saint Lucia (2021)

7.   Categories of licences

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   (1)   A licence granted under section 4(2) shall be granted either for carrying on of—

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      (a)     international insurance business consisting of general insurance business being carried on from Saint Lucia but subject to such conditions as may be imposed by the Minister, known as a class “A” international insurance licence;

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      (b)     international insurance business consisting of long term insurance business from Saint Lucia but subject to such conditions as may be imposed by the Minister, known as class “B” international insurance licence; or

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      (c)     international insurance business consisting of general insurance business and long term insurance business being carried on from Saint Lucia but subject to such conditions as may be imposed by the Minister, known as class “C” international insurance licence.

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   (2)   A condition imposed under subsection (1) may at any time be varied or revoked by the Minister.

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   (3)   The Minister shall determine whether an eligible company seeking a class “A” or a class “C” licence, shall, in respect of its general business, be granted a subclass “1” or subclass “2” licence in accordance with subsections (4) and (5).

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   (4)   A subclass “1” licence shall be granted where an eligible company—

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      (a)     is wholly owned by one or more persons and intends to carry on an international insurance business consisting only of insuring the risks of those persons; or

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      (b)     is an affiliate of a group and intends to carry on an international insurance business consisting only of insuring the risks of any other affiliates of that group or of its own shareholders.

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   (5)   A subclass “2” licence shall be granted to an eligible company in all cases other than those provided for in subsection (4), in respect of its general insurance business where the eligible company intends to carry on an international insurance business from within Saint Lucia.

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   (6)   In determining for the purposes of subsections (4) and (5) whether an eligible company is wholly owned or controlled by one or more persons, the Minister may have regard to the beneficial as well as the legal ownership of the eligible company.

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   (7)   An eligible company to which a licence is granted under subsection (1) shall not without the written approval of the Minister, carry on any business other than one for which the licence has been obtained.