International Insurance
Summary
All companies wishing to do business as an Insurance company must do so through an IBC and having a registered agent and a registered office.
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The Act provides for
three types of insurance licenses Class A - general insurance business only Class B - long term insurance business Class C - both general and long term insurance business. |
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Companies seeking a
Class A or a Class C license, may, with respect to its general insurance
business be granted a: Sub class 1 license if the company is a Captive
insurance company, or a Sub class 2 license in all other cases in respect of
general insurance business. |
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A licensee must at
all times have two directors (who must be natural persons), at least one of
which must be a resident of St. Lucia. |
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In order to
incorporate an IBC to partake in international insurance business, the person
seeking to incorporate must first make a tentative or preliminary application
to the Minister for approval to incorporate the IBC. |
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The capital
requirement for Insurance companies under the Act ranges from $50,000 to
$100,000. At least $50,000 must be deposited or invested in a manner prescribed
by the Minister/Director. |
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Companies will be
subject to regulation by the director and will have to file annual audited
statements. |
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Companies regulated
under the Act will have to maintain total capital and surplus and liquidity
adequate to its ongoing needs. |
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There are special
provisions maintaining the confidentiality of the information submitted to the
Director on application and protecting the confidentiality of the affairs of
the licensee or the affairs of a customer of a licensee. |
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Insurance companies
are IBC's and therefore not subject to any taxes (unless they have elected to
be subject to 1% tax) or stamp duties in St. Lucia. |
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The business nor the
shares of an International Insurance Company shall be transferred without the
approval of the Minister. |