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St Lucia IFC

Legislation: International Insurance

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Regulations

International Insurance Regulations
SAINT LUCIA
STATUTORY INSTRUMENT, 2007, No. 32

[ 30th April, 2007 ]

The Minister responsible for International Financial Services in exercise of the powers conferred by section 28 of the International Insurance Act, Cap. 12.15 makes these Regulations –

  1. Short title

    These Regulations may be cited as International Insurance Regulations 2007.

  2. Interpretation

    In these Regulations –

    “Act” means the International Insurance Act, Cap. 12.15.

  3. Application by incorporated cell company for licence
    to carry out insurance business

    An application for a licence pursuant to section 4 of the Act to carry on insurance business using an incorporated cell company shall be in the form prescribed in Form 1 of the First Schedule and shall be submitted to the Director together with the fee prescribed in the Second Schedule.

  4. Application for a certificate of registration

    An application for a certificate of registration pursuant to section 4A (2) of the Act shall be in the form prescribed in Form 2 of the First Schedule and shall be submitted to the Director together with the fee prescribed in the Second Schedule.

  5. Certificate of registration

    A certificate of registration issued pursuant to section 4A of the Act shall be –

    1. in the form prescribed in Form 3A, 3B, 3C, 3D, or 3E of the First Schedule, as appropriate, depending on the class and subclass of the licence; and
    2. issued on payment of the fee prescribed in the Second Schedule.

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  6. Notice of cancellation

    A notice of cancellation of a certificate of registration pursuant to section 21A of the Act shall be in the form as prescribed in Form 4 of the First Schedule.

  7. Licences
    1. 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 5A of Schedule 1.
    2. A Class “A” subclass “2” licence pursuant to sections 4 and 7 of the Act shall be in the form as prescribed in Form 5B of Schedule 1.
    3. A Class “B” licence issued pursuant to sections 4 and 7 of the Act shall be in the form as prescribed in Form 5C of Schedule 1.
    4. 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 5D of Schedule 1.
    5. 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 5E of Schedule 1.
  8. Annual fee for licence

    The annual fee for a licence payable pursuant to section 8 of the Act shall be as prescribed in the Second Schedule.

  9. Responsibility of licensed incorporated cell company

    The conduct of insurance business and governance of the affairs of each incorporated cell is the responsibility of the incorporated cell company.

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  10. Financial statements (Amended by SI 2011, No. 98 dated 4th October 2011)
    1. An incorporated cell company and incorporated cell shall file audited financial statements as required under the Act.
    2. Un-audited management financial statements for each incorporated cell shall be provided to the incorporated cell company, within two months of the financial year end, and shall be made available to the Director upon his or her request.
    3. Audited financial statements for each incorporated cell shall be provided to the incorporated cell company, within three months of the financial year end.

  11. Financial year

    An incorporated cell shall have the same financial year as the incorporated cell company to which it is linked.

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  12. Operating agreement to be filed
    1. An incorporated cell company and each incorporated cell that is linked to it shall enter into an operating agreement specifying such matters as the parties determine to govern the relationship, but including the amount of capital, the mechanism for approval of accepting and underwriting risk, the types of investments allowed, the payment of dividends and other distributions, the manner of transferring capital stock of the incorporated cell, and matters affecting the financial affairs of the incorporated cell.
    2. Subject to sub-regulation (3), copies of the operating agreement referred to in sub-regulation (1) and any amendments shall be filed with and approved by the Director at the time of registration.
    3. Any proposed amendments to an operating agreement shall be filed and approved by the Director prior to implementation.
  13. Semi annual reports

    An incorporated cell company shall, within the time limits specified in the Act, file semi annual reports in respect of each incorporated cell and in respect of the incorporated cell company.

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  14. Capital
    1. The minimum capital for an incorporated cell company shall be $200,000 with a further statutory deposit of $50,000.
    2. The minimum capital for an incorporated cell shall be $50,000 with no statutory deposit.
  15. Separation of assets and liabilities.
    1. It shall be the duty of the directors of an incorporated cell company and its incorporated cells –
      1. to keep the assets and liabilities of the incorporated cell company separate and separately identifiable from the assets and liabilities of its incorporated cells; and
      2. to keep the assets and liabilities of each incorporated cell separate and separately identifiable from the assets and liabilities of the other incorporated cells of the incorporated cell company.
    2. The duty imposed by subsection (1) is not breached by reason only that the directors cause or permit assets of the incorporated cell company or any of its incorporated cells to be collectively invested, or collectively managed by an investment manager, provided that the assets in question remain separately identifiable in accordance with sub-regulation (1).


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    FIRST SCHEDULE
    FORM 1

    (Regulation 3)

    SAINT LUCIA

    (International Insurance Act, Cap. 12.15: Section 4)

    APPLICATION FOR LICENCE FOR AN INCORPORATED CELL
    COMPANY TO CARRY ON INSURANCE BUSINESS IN OR FROM
    WITHIN SAINT LUCIA

    (To be completed in English Language)

    Please complete all parts of the application, attaching appendices where appropriate.

    Is the insurance business of the Incorporated Cell Company “general' insurance business, ‘long-term' insurance business or both? Please tick the appropriate box:-

     Class A — General insurance business                              Subclass [   ]

     Class B — Long-term insurance business                          Subclass [   ]

     Class C — Long-term and General insurance business     Subclass [   ]

    Applicant Details
    1. Name of Applicant
    2. International Business Company No. and Date of Incorporation
    3. Registered Office of Applicant
    4. Business Address of Applicant
    5. Contact person for this application
    6. Telephone No.
        Fax No.
        Email address

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    Share Capital
    7. Authorized 
    8. Issued 
    9. Paid-up 
    10. Method of Capitalization 
    Ownership Details
    List all names (including any previous names) addresses and nationalities of all beneficial shareholders and ultimate beneficial shareholders (current/proposed) together with the number and class of shares (to be)held directly or on their behalf
      Name Address Nationality No. and class of shares
    a)
    b)
    c)
    d)
    12.  In those cases where the shares are beneficially owned by a corporate body or bodies, or the company is part of a group, the chain of connection (group organization chart showing all associated and affiliated companies) to the ultimate beneficial owners must be attached.

    Attached:

    Yes

    No

    N/A

    13. Provide the latest audited financial statements of the applicant and immediate parent (and if applicable the consolidated accounts of the group).

    Attached:

    Yes

    No

    N/A

    14. Detail the origin of source(s) of funds to support the incorporated cell company. 

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    Applicant's Personnel
    15. Provide a list detailing the names and addresses of the current and proposed directors, officers, managers, consultants and administrators showing their respective positions with the applicant. A completed resume for each person should be attached.
    Name and TitleAddressResume Attached?
      

    Yes
    No


    Yes
    No


    Yes
    No

    Yes
    No

    Third Party Service Providers
    16. List below any third party service providers including but not limited to intermediaries, claim handlers, and loss adjusters. State any connection between the applicant (including proposed directors and officers of applicant) and any person or organization remunerated directly or indirectly (e.g. insurance brokers etc) by the company. Further a copy of any service or management agreements is to be provided where the company's activities are to be managed by another party.









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    Insurance Business
    17.  Is the Incorporated Cell Company proposing to write insurance business other than through Incorporated Cells (that is, through the ICC itself)? 
    18. On which date does the applicant wish to commence carrying on insurance within the ICC? 
    19. If the company is not fully funded in the formative years, what provision is there in effect if there are early heavy losses? Please state fully how any risk gap is to be overcome. 
    20. State whether the company proposes making any loans to its directors, managers, parent, associated or related companies. 
    21. Please provide an organization chart showing details of all cells and the company's position within the structure 
    Accounts
    22.  Identify the company's financial year end. 
    General
    23.  Have any of the parties connected with this applicant ever applied, either individually or in conjunction with others, for authority to transact insurance business in any other jurisdiction? If so, please give details. 

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    Additional Information to be Supplied
    24.  Copy of auditor's acceptance to act as auditor of the applicant (on headed paper including the name and address of the auditor attached?

    Yes
    No

    25. Copy of Actuary's acceptance letter to act as Actuary of the applicant, where appropriate.

    Yes
    No

    26. Applicant's Memorandum/Articles of Association attached?

    Yes
    No

    27. Applicant's Certificate of Incorporation Attached?

    Yes
    No
    To follow

    Business Plan
    28. Attach business plan — 5 year business plan and a statement of aims and programme of operations to include the sources of business, balance sheet, profit and loss projections and solvency calculations. The assumptions underlying the projections should also be stated.
    Fees
    29. Ensure that the appropriate fee is enclosed with the application.


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    APPLICATION FOR REGISTRATION OF AN INCORPORATED
    CELL OF AN INCORPORATED CELL COMPANY
    TO CARRY ON INSURANCE BUSINESS IN OR FROM
    WITHIN SAINT LUCIA
    FORM 2

    (Regulation 4)

    SAINT LUCIA

    (International Insurance Act, Cap. 12.15: Section 4A

    (To be completed in English Language)

    Please complete all parts of the application, attaching appendices where appropriate.

    Is the insurance business of the Incorporated Cell “general' insurance business, ‘long-term' insurance business or both?

     Class A — General insurance business                              Subclass [   ]

     Class B — Long-term insurance business                          Subclass [   ]

     Class C — Long-term and General insurance business     Subclass [   ]

    Applicant Details
    1.  Name or proposed name of the Incorporated Cell “(IC)” 
    2. Name of the Incorporated Cell company “(ICC)” of which the applicant will be an IC 

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    Ownership Details
    3.  List all names (including any previous names) addresses and nationalities of all IC shareholders, together with the number and class of shares (to be) held directly or on their behalf.
      Name Address Nationality No. and class of shares
    a)
    b)
    c)
    d)
    e)
    4.  Detail the proposed authorized and issued share capital and the method of capitalization. 
    5.  In those cases where IC shares are beneficially owned by a corporate body or bodies, or the company is part of a group, the chain of connection (group organization chart showing all associated and affiliated companies) to the ultimate beneficial owners must be shown.

    Attached:

    Yes

    No

    N/A

    6.  The latest audited financial statements of the immediate parent of the proposed IC shareholder, and if applicable the consolidated accounts of the group

    Attached:

    Yes

    No

    N/A

    7. State the nature of the IC-shareholder's business. 

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    Insurance Business

    8.  On which date does the IC wish to commence carrying on insurance business?

    9. Detail the origin of source(s) of funds to support the IC.

    10. State the nature of the risks to be covered.

    11. If the IC is not fully funded in the formative years what provision is there in effect if there are early losses? Please state fully how any risk gap is to be overcome.

    12. Please state the maximum gross premium income, which the IC proposed to earn in respect of general business during the first financial year, less any rebates, refunds, reinsurance commission and reinsurance.

    13. State whether the IC shareholder proposes to make any loans to related parties.

    		 

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    General
    14.  Have any of the parties connected with this application ever applied, either individually or in conjunction with others, for authority to transact insurance business in any other jurisdiction? If so please give details. 
    Third Party Service Providers
    15. Are there any other parties and/ or intermediaries involved? State any connection between the IC (including directors and officers of the IC shareholder) and any person or organization remunerated directly or indirectly (e.g. insurance brokers) by the IC. 

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    Additional Information to be Supplied
    16.  Copy of the Actuary's acceptance letter to act as Actuary of the IC, where appropriate Attached: 
    Business Plan
    17.  Attach a business plan. 5 year business plan and a statement of aims and programme of operations to include the sources of business, balance sheet, profit and loss projections and solvency calculations. The assumptions underlying the projections should also be stated.
    Fee
    18. Ensure that the appropriate fee is enclosed with the application


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    FORM 3A

    (Regulation 4)

    [COAT OF ARMS]

    SAINT LUCIA
    CERTIFICATE OF REGISTRATION
    INTERNATIONAL INSURANCE BUSINESS

    (International Insurance Act, Cap. 12.15,: Section 4A)

    Certificate No.

    This is to certify that


    _______________________________________________________          
    Name of certificate holder

    has been registered to carry on international insurance business from Saint Lucia.



    The certificate granted is for an incorporated cell of an incorporated cell company.

    The licence granted is of type CLASS [“A”] Subclass [“1”] and is subject to the following:

    1. The international insurance business shall consist of general insurance business carried on from Saint Lucia.
    2. The certificate holder will operate only as an incorporated cell of

      ______________________________________________________________
                           Name of incorporated cell company

    3. The certificate holder shall not without the written approval of the Director, carry on any business other than that for which the certificate has been granted.
    4. Other conditions specified below.

    Dated this ____________ day of _____________ ,_______________.



    ______________________________________
    Director of Financial Services

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    FORM 3B

    (Regulation 4)

    [COAT OF ARMS]

    SAINT LUCIA
    CERTIFICATE OF REGISTRATION
    INTERNATIONAL INSURANCE BUSINESS

    (International Insurance Act, Cap. 12.15,: Section 4A)

    Certificate No.

    This is to certify that


    _______________________________________________________          
    Name of certificate holder

    has been registered to carry on international insurance business from Saint Lucia.



    The certificate granted is for an incorporated cell of an incorporated cell company.

    The licence granted is of type CLASS “A” Subclass “2” and is subject to the following:

    1. The international insurance business shall consist of general insurance business carried on from Saint Lucia.
    2. The certificate holder will operate only as an incorporated cell of

      ______________________________________________________________
                           Name of incorporated cell company

    3. The certificate holder shall not without the written approval of the Director, carry on any business other than that for which the certificate has been granted.
    4. Other conditions specified below.

    Dated this ____________ day of _____________ ,_______________.



    ______________________________________
    Director of Financial Services

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    FORM 3C

    (Regulation 4)

    [COAT OF ARMS]

    SAINT LUCIA
    CERTIFICATE OF REGISTRATION
    INTERNATIONAL INSURANCE BUSINESS

    (International Insurance Act, Cap. 12.15,: Section 4A)


    Certificate No.

    This is to certify that


    _______________________________________________________          
    Name of certificate holder

    has been registered to carry on international insurance business from Saint Lucia.



    The certificate granted is for an incorporated cell of an incorporated cell company.

    The licence granted is of type CLASS “B” and is subject to the following:

    1. The international insurance business shall consist of long term insurance business carried on from Saint Lucia.
    2. The certificate holder will operate only as an incorporated cell of

      ______________________________________________________________
                           Name of incorporated cell company

    3. The certificate holder shall not without the written approval of the Director, carry on any business other than that for which the certificate has been granted.
    4. Other conditions specified below.

    Dated this ____________ day of _____________ ,_______________.



    ______________________________________
    Director of Financial Services

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    FORM 3D

    (Regulation 4)

    [COAT OF ARMS]

    SAINT LUCIA
    CERTIFICATE OF REGISTRATION
    INTERNATIONAL INSURANCE BUSINESS

    (International Insurance Act, Cap. 12.15: Section 4A)

    Certificate No.

    This is to certify that


    _______________________________________________________          
    Name of certificate holder

    has been registered to carry on international insurance business from Saint Lucia.



    The certificate granted is for an incorporated cell of an incorporated cell company.

    The licence granted is of type CLASS “C” Subclass “1” and is subject to the following:

    1. The international insurance business shall consist of general and long term insurance business carried on from Saint Lucia.
    2. The certificate holder will operate only as an incorporated cell of

      ______________________________________________________________
                           Name of incorporated cell company

    3. The certificate holder shall not without the written approval of the Director, carry on any business other than that for which the certificate has been granted.
    4. Other conditions specified below.

    Dated this ____________ day of _____________ ,_______________.



    ______________________________________
    Director of Financial Services

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    FORM 3E

    (Regulation 4)

    [COAT OF ARMS]

    SAINT LUCIA
    CERTIFICATE OF REGISTRATION
    INTERNATIONAL INSURANCE BUSINESS

    (International Insurance Act, Cap. 12.15: Section 4A)

    Certificate No.

    This is to certify that


    _______________________________________________________          
    Name of certificate holder

    has been registered to carry on international insurance business from Saint Lucia.



    The certificate granted is for an incorporated cell of an incorporated cell company.

    The licence grated is of type CLASS “C” Subclass “2” and is subject to the following:

    1. The international insurance business shall consist of general and long term insurance business carried on from Saint Lucia.
    2. The certificate holder will operate only as an incorporated cell of

      ______________________________________________________________
                           Name of incorporated cell company

    3. The certificate holder shall not without the written approval of the Director, carry on any business other than that for which the certificate has been granted.
    4. Other conditions specified below.

    Dated this ____________ day of _____________ ,_______________.



    ______________________________________
    Director of Financial Services

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    FORM 4

    (Regulation 5)

    NOTICE OF CANCELLATION OF REGISTRATION

    (International Insurance Act, Cap. 12.15: Section 21A)

    Name of certificate holder: ........................................................................

    Certificate number: ...................................................................................

    Address: ...................................................................................................

    ..................................................................................................................

    ..................................................................................................................


    The Director of the Financial Services Supervision Unit hereby notifies the above holder of a certificate of registration as an incorporated cell, that its registration has been cancelled by the Director as at [ … date …] under section 21A of the International Insurance Act, Cap. 12.15, for the following reason(s):

    • The certificate holder appears likely to become unable to meet its obligations as they fall due.
    • The certificate holder 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 Director to refuse to grant the certificate holder a certificate of registration upon application.
    • The certificate holder has contravened the provisions of section ___________ of the International Insurance Act, Cap. 12.15.
    • The certificate holder has failed to comply with the following conditions of its certificate of registration:

    The certificate holder may pursuant to Section 21A of the International Insurance Act, Cap. 12.15, as amended apply to the director within seven (7) days of this Notice for a reconsideration of his decision to cancel its registration.

    The certificate holder may appeal any cancellation pursuant to section 21A of the International Insurance Act, Cap. 12.15, as amended by lodging an appeal to the High Court of Saint Lucia.

    Dated this ____________ day of _____________ ,_______________.



    ______________________________________
    Director of Financial Services

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    FORM 5A

    (Regulation 7(1))

    [COAT OF ARMS]

    SAINT LUCIA
    LICENCE
    INTERNATIONAL INSURANCE BUSINESS

    (International Insurance Act: 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:

    1. The international insurance business shall consist of general insurance business carried on from Saint Lucia.
    2. *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
    3. *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
    4. *The business of the licensee shall be conducted using registered incorporated cells.
    5. 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.
    6. Other conditions specified below.

    Dated this ____________ day of _____________ ,_______________.



    ______________________________________
    Minister
    International Financial Services

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    FORM 5B

    (Regulation 7(2))

    [COAT OF ARMS]

    SAINT LUCIA
    LICENCE
    INTERNATIONAL INSURANCE BUSINESS

    (International Insurance Act: 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:

    1. The international insurance business shall consist of general insurance business carried on from Saint Lucia.
    2. 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.
    3. *The business of the licensee shall be conducted using registered incorporated cells.
    4. Other conditions specified below.

    Dated this ____________ day of _____________ ,_______________.



    ______________________________________
    Minister
    International Financial Services

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    FORM 5C

    (Regulation 7(3))

    [COAT OF ARMS]

    SAINT LUCIA
    LICENCE
    INTERNATIONAL INSURANCE BUSINESS

    (International Insurance Act: 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:

    1. The international insurance business shall consist of long term insurance business carried on from Saint Lucia.
    2. 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.
    3. *The business of the licensee shall be conducted using registered incorporated cells.
    4. Other conditions specified below.

    Dated this ____________ day of _____________ ,_______________.



    ______________________________________
    Minister
    International Financial Services

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    FORM 5D

    (Regulation 7(4))

    [COAT OF ARMS]

    SAINT LUCIA
    LICENCE
    INTERNATIONAL INSURANCE BUSINESS

    (International Insurance Act: 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:

    1. The international insurance business shall consist of general and long term insurance business carried on from Saint Lucia.
    2. *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
    3. *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.
    4. *The business of the licensee shall be conducted using registered incorporated cells.
    5. 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.
    6. Other conditions specified below.

    Dated this ____________ day of _____________ ,_______________.



    ______________________________________
    Minister
    International Financial Services

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    FORM 5E

    (Regulation 7(5))

    [COAT OF ARMS]

    SAINT LUCIA
    LICENCE
    INTERNATIONAL INSURANCE BUSINESS

    (International Insurance Act: 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:

    1. The international insurance business shall consist of general and long term insurance business carried on from Saint Lucia.
    2. 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.
    3. *The business of the licensee shall be conducted using registered incorporated cells.
    4. Other conditions specified below.

    Dated this ____________ day of _____________ ,_______________.



    ______________________________________
    Minister
    International Financial Services

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    SECOND SCHEDULE
    FEES

    (Regulations 4 and 5)

    1. Fee for application for certificate of registration for an incorporated cell - $500.00
    2. Fee for certificate of registration for an incorporated cell - $1000.00

      (Regulations 3 and 8)

      INCORPORATED CELL COMPANY FEES
    3. Application fee for licence for an incorporated cell company - $1,000.00
    4. Annual fee for licence --$2,500.00 for each incorporated cell company plus $500 for each incorporated cell associated therewith

    Made this 16th day of April, 2007.

    RUFUS BOUSQUET,
    Minister for International Financial Services.

    International Insurance Regulations

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