Legislation: International Insurance
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Regulations
SAINT LUCIA
STATUTORY INSTRUMENT, 2000, No. 82
[ 1st April, 2000]
The Minister for International Financial Services in exercise of the powers conferred by section 28 of the International Insurance Act, No.38 of 1999 makes these Regulations:
Short title
These Regulations may be cited as the International Insurance Regulations, 2000.
Interpretation
In these Regulations —
"Act" means the International Insurance Act, 1999.
"Registrar" means Registrar of International Business Companies employed as such under the International Business Companies Act, 1999.
Application for licence
A person applying for a licence under section 4 of the Act shall apply by submitting an application form as prescribed in Form 1 of the Schedule together with the fee prescribed in the Second Schedule.
Licences
- A Class "A" subclass "1" licence issued pursuant to sections 4 and 7 of the Act shall be in the form as prescribed in Form 2 of the First Schedule.
- A Class "A" subclass "2" licence issued pursuant to sections 4 and 7 of the Act shall be in the form as prescribed in Form 3 of the First Schedule.
- A Class "B" licence issued pursuant to sections 4 and 7 of the Act shall be in the form as prescribed in Form 4 of the First Schedule.
- A Class "C" subclass "1" licence issued pursuant to sections 4 and 7 of the Act shall be in the form as prescribed in Form 5 of the First Schedule.
- A Class "C" subclass "2" licence issued pursuant to sections 4 and 7 of the Act shall be in the form as prescribed in Form 6 of the First Schedule.
Actuarial opinion
An actuarial opinion required under section 15 (3) of the Act shall be as prescribed in Form 7 of the First Schedule.
Notice of change
A notice of change of particulars pursuant to section 6 of the Act shall be in the form as prescribed in Form 8 of the First Schedule.
Notice of revocation
A notice of a revocation of a licence pursuant to section 21 of the Act shall be in the form as prescribed in Form 9 of the First Schedule.
Fees
The annual fee payable pursuant to section 8 of the Act shall be as prescribed in the Second Schedule.
Deposits and investment
- For the purposes of section 12 of the Act,
an eligible company may deposit or invest the applicable sum by any of
the following methods:
- treasury bills issued by the Government of Saint Lucia;
- bonds and debentures issued by the Government of Saint Lucia;
- deposits with the Saint Lucia Development Bank;
- deposits with a bank licensed under the Banking Act 1991; or
- deposits with a financial institution approved by the Minister.
- An eligible company shall provide an undertaking in writing not to dispose of, pledge, hypothecate, release or otherwise encumber the deposit or investment made pursuant to section 12 of the Act without prior notification and approval by the Minister.
- For the purposes of section 12 of the Act,
an eligible company may deposit or invest the applicable sum by any of
the following methods:
Back to the TopFIRST SCHEDULE
FORM 1
(Regulation 3)
SAINT LUCIA
(International Insurance Act, 1999: Section 4)
APPLICATION FOR LICENCE TO CARRY OUT INTERNATIONAL
INSURANCE BUSINESS
(To be completed in English language or with certified translation attached)
Please tick the class of licence applied for. Please complete all parts of the application.
Class A _ General insurance business Subclass [ ]
Class B _ Long term insurance business Subclass [ ]
Class C _ Long term and General Insurance businessSubclass [ ]
Part 1 _ Applicant details
Name of Applicant: Registered Office of Applicant
International Business Company No. Business address of Applicant
Date of Incorporation
Contact person for this application Telephone
Fax
Share Capital Method of Raising Share capital
Authorized
Issued Amount and nature of loan capital
Paid Up
Part 2 _ Applicant's Additional Information
Please indicate and attach where applicable the following items of information.
- Certified evidence of capital and deposit requirements. See section 12 of the Act.
- Name, citizenship, bankers' references and addresses of shareholders (include names of beneficiaries where shareholders are nominees) with statutory declaration as shown in Part 7. Also amount and type of shares held.
- Resumes of each Director and senior management personnel of applicant, together with banker's references. Resumes- shall contain: name, previous names, date and place of birth, citizenship details, country of residence and length of residency, private address for past ten years, educational and professional qualifications, employment history, etc.
- Constitutional documents _ Certified copies of Memorandum and Articles of Association, and Certificate of Incorporation.
- Particulars of shareholder loan _ Include details of all loans to and from shareholders.
- Comparative financial statement- Copy of applicant's and applicant's parents company's latest audited accounts and group accounts where applicable for three (3) years prior to year of application, and statements of accounts at end of month prior to submission of application. (Applies to subsidiary or continuing companies)
- Business plan _ encompassing background, business objectives, management and staff structure, projected financial position for first three (3) years. Also full details of parent or subsidiary relationships where applicable.
- Customer base statement _ For general business sub class 1, include the names and addresses of general business customers.
- Auditors , actuaries and attorneys-at-law Confirmation of Appointment_ Names and addresses of appointed firms of auditors, actuaries and attorneys_at-law with confirmation letters.
- Undertaking to provide and set apart fully paid capital, before and at the time business commences. Under- taking must expressly provide that Laws of Saint Lucia are to govern validity, interpretation and effects on the rights and obligations of each of the parties.
- Actuarial opinion _ Required under section 15(3) of the Act. See form 7 of the Regulations for the format of the opinion.
Part 3 - Applicant Management
YES/NO
Please list all directors of the applicant, identify the Chairman, Chief Executive or Managing Director and any other directors with specific title. Non- executive directors should be distinguished. A completed resume for each person should be appended.
Name and Title Address Is a resume attached?
Part 4 _ Details of corporate structure of which applicant forms part
Part 5 _ Applicant administration experience (where applicable)
Part 6 _ REGULATORY RELATIONSHIPS
Please provide name and address all Regulatory Entities to which the applicant or other group companies report or reported over the past five (5) years
Name of CompanyName and Address of Regulatory Authority
Please provide details of insurance business administered by the applicant over the past seven (7) years.
Name of InsuranceNo. of Years Nature of services provided
Jurisdiction/DomicileAdministered
Please provide details of group companies of which the applicant forms part and describe the services provided.
Name of Relationship Jurisdiction Address Services
Company (Parent, subsidiary, or Domicile provided group or related company)
Part 7 _ Statutory Declaration - To be completed by shareholders, directors and senior management personnel.
I,[............................... full name ........................]Passport Number [......................]
of [................................. please state full address .......................................................]
do solemnly and sincerely declare as follows —
- That I am a citizen of [..............................................................]
- That *I have never been convicted of an offence under the Laws of Saint Lucia or any other State.*(except for minor traffic ofences).
- That I am of good character.
- That I have never been the subject of any refusal in any related application for registration, licence, recognition or authorization by any regulatory authority in any country or jurisdiction.
- That I have never been the subject of any suspension, cancellation or revocation of registration, licence, recognition or authorization by any regulatory authority in any country or jurisdiction.
- That no judgment has been rendered against me nor any suit or proceedings are pending against me in any country or jurisdiction which has been based in whole or in part on fraud, theft, deceit, misrepresentation or similar conduct.
- I have never been charged, indicted or convicted in any country or jurisdiction for any offence in any criminal or civil proceedings relating to fraud or theft arising out of operating or dealing in mutual funds, collective investment schemes/funds, securities, banking or insurance business.
- I have never been declared bankrupt nor have I been a party to bankruptcy or insolvency proceedings.
- I have never been subject to proceeding relating to winding-up, dissolution, creditors' arrangement, creditors' compromise or receivership.
I make this Declaration conscientiously believing the same to be true and in accordance with the Statutory Declaration Ordinance (Chapter 118) , and that I am aware that if there is any statement in this Declaration which is false, or which I know to be false or do not believe to be true, I am liable to imprisonment.
DECLARED before me at this day of________________________
Declarant
__________________________
Notary Royal
FORM 2
(Regulation 4 (1))
[COAT OF ARMS]
SAINT LUCIA
LICENCE
INTERNATIONAL INSURANCE BUSINESS
(International Insurance Act, 1999: Sections 4 and 7)
This is to certify that_____________________________________________
Name of licensee
has been granted a licence to carry on international insurance business from Saint Lucia.
The licence granted is of type CLASS "A" Subclass "1" and is subject to the following:
- The international insurance business shall consist of general insurance business carried on from Saint Lucia.
- *The licensee must be wholly owned by one or more persons and the business of the licensee must consist only of insuring the risks of those persons; or
- *The licensee shall be an affiliate of a group of companies and the business of the licensee must consist only of insuring the risks of any other affiliates of that group or of its own shareholders.
- The licensee shall not without the written approval of the Minister carry on any business other than one for which the licence has been obtained.
- Other conditions specified below.
Dated this __________ day of ______________ ,_______________.
_____________________________
Minister
International Financial Services
FORM 3
(Regulation 4 (2))
[COAT OF ARMS]
SAINT LUCIA
LICENCE
INTERNATIONAL INSURANCE BUSINESS
(International Insurance Act, 1999: Sections 4 and 7)
This is to certify that____________________________________________
Name of licensee
has been granted a licence to carry on international insurance business from Saint Lucia.
The licence granted is of type CLASS "A" Subclass "2" and is subject to the following:
- The international insurance business shall consist of general insurance business carried on from Saint Lucia.
- The licensee shall not without the written approval of the Minister, carry on any business other than one for which the licence has been obtained.
- Other conditions specified below.
Dated this __________ day of ______________ ,_______________.
________________________
Minister
International Financial Services
FORM 4
(Regulation 4 (3))
[COAT OF ARMS]
SAINT LUCIA
LICENCE
INTERNATIONAL INSURANCE BUSINESS
(International Insurance Act, 1999: Sections 4 and 7)
This is to certify that ____________________________________________
Name of licensee
has been granted a licence to carry on international insurance business from Saint Lucia.
The licence granted is of type CLASS "B" and is subject to the following:
- The international insurance business shall consist of long term insurance business carried on from Saint Lucia.
- The licensee shall not without the written approval of the Minister, carry on any business other than one for which the licence has been obtained.
- Other conditions specified below.
Dated this __________ day of ______________ ,_______________.
_________________________
Minister
International Financial Services
FORM 5
(Regulation 4 (4))
[COAT OF ARMS]
SAINT LUCIA
LICENCE
INTERNATIONAL INSURANCE BUSINESS
(International Insurance Act, 1999: Sections 4 and 7)
This is to certify that ____________________________________________
Name of licensee
has been granted a licence to carry on international insurance business from Saint Lucia.
The licence granted is of type CLASS "C" Subclass "1" and is subject to the following:
- The international insurance business shall consist of general and long term insurance business carried on from Saint Lucia.
- The licensee must be wholly owned by one or more persons and the general business of the licensee must consist only of insuring the risks of those persons; or
- The licensee shall be an affiliate of a group of companies and the general business of the licensee must consist only of insuring the risks of any other affiliates of that group or of its own shareholders.
- The licensee shall not without the written approval of the Minister, carry on any business other than one for which the licence has been obtained.
- Other conditions specified below.
Dated this __________ day of ______________ ,_______________.
__________________________
Minister
International Financial Services
FORM 6
(Regulation 4 (5)
[COAT OF ARMS]
SAINT LUCIA
LICENCE
INTERNATIONAL INSURANCE BUSINESS
(International Insurance Act, 1999: Sections 4 and 7)
This is to certify that ____________________________________________
Name of licensee
has been granted a licence to carry on international insurance business from Saint Lucia.
The licence granted is of type CLASS "C" Subclass "2" and is subject to the following:
- The international insurance business shall consist of general and long term insurance business carried on from Saint Lucia.
- The licensee shall not without the written approval of the Minister, carry on any business other than one for which the licence has been obtained.
- Other conditions specified below.
Dated this __________ day of ______________ ,_______________.
_________________________
Minister
International Financial Services
FORM 7
(Regulation 5)
ACTUARIAL OPINION TO BE INCLUDED IN THE AUDITED ACCOUNTS
ON ACCOUNT OF GENERAL BUSINESS
(International Insurance Act 1999 : Section 15 (3))
(To be completed in English language or with certified translation attached)
Name of the Company ___________________________________________
I,____________________am the Actuary of _________________________
I have examined the actuarial assumptions and actuarial methods used in determining future policy obligations and expenses, deferred acquisition expenses, and related actuarial items in the audited accounts of the Company, as prepared by the company to accord with internationally accepted accounting standards, from the period beginning _________________ to ________________.
My examination included such review of the actuarial assumptions and actuarial methods and of the underlying basic records and such tests of the actuarial calculations as I considered necessary.
In my opinion, the amounts carried in the balance sheet on account of unamortized acquisition expenses and on account of other future policy obligations and expenses are based on actuarial assumptions which are appropriate to the financial statements of the Company prepared in accordance with internationally accepted accounting standards and computed by sound actuarial methods consistently applied and are fairly stated.
Provisions have been made for all actuarial reserve and related items which ought prudently to be established.
Signed:...................................................
Date:......................................................
FORM 8
(Regulation 6)
NOTICE OF CHANGE OF PARTICULARS
(International Insurance Act, 2000: Section 6)
(To be completed in Duplicate, and to be completed in
English language or with certified translation attached)
Date: ..............................................
To: Minister for International Financial Services
Financial Services Supervision Department
Castries
SAINT LUCIA
Dear Sir:
We hereby notify you that we have changed the particulars set forth in our application for licence as follows.
Approval is requested for the following changes for the reasons outlined:
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Yours Faithfully,
Name: ...........................................................
Signature: ......................................................
APPROVED, except as maybe set forth in an attachment hereto.
__________________________
Minister
International Financial Services
FORM 9
(Regulation 7)
NOTICE OF REVOCATION OF LICENCE
(International Insurances Act, 1999: Section 21)
Name of licensee..........................................................
License number............................................................
Address......................................................................
................................................................................
................................................................................
The Minister of International Financial Services hereby notifies the above holder of an international insurance licence, that its licence has been revoked by the Minister as at [… date…] under section 21 of the International Insurance Act 2000, for the following reason(s):
- the licensee appears likely to become unable to meet its obligations as they fall due.
- the licensee is carrying on business in a manner detrimental to the public interest, the interest of its policyholders or other creditors.
- a condition exists that would have caused the Minister to refuse to grant the licensee a licence upon application.
- the licensee has contravened the provisions of section_______ of the International Insurance Act 1999.
- the licensee has failed to comply with the following condition(s) of its licence.
The licensee may pursuant to Section 21(2) of the International Insurance Act apply to the Minister within seven (7) days of the date of this Notice for a reconsideration of his decision to revoke its licence.
The licensee may appeal any revocation pursuant to section 24 of the International Insurances Act by lodging an appeal to the High Court of Saint Lucia.
Dated this .................. day of .............................. 20......
.............................................................
Minister
International Financial Services
SECOND SCHEDULE
(Regulation 8)
FEES
Application fee US$ 500.00
Annual licence fee US$ 2,500.00
Made this 24th day of March , 2000.
PHILIP J. PIERRE,
Minister for International Financial Services.
SAINT LUCIA
PRINTED BY THE GOVERNMENT PRINTER AT THE GOVERNMENT PRINTING OFFICE
CASTRIES
2000
International Insurance Regulations
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