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Saint Lucian Insurance Industry - Governance, Risk and Compliance

April 2021 | 48 pages | ID: SF2CB52BF9CFEN
GlobalData

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Saint Lucian Insurance Industry - Governance, Risk and Compliance

SUMMARY

GlobalData’s 'Saint Lucia Insurance Industry - Governance, Risk and Compliance' report is the result of extensive research into the insurance regulatory framework in Saint Lucia.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Key Highlights
  • The FSRA regulates the Saint Lucian insurance industry.
  • Composite insurance is permitted in Saint Lucia
  • Non-admitted insurance is not permitted in the Saint Lucian insurance industry. However, few exceptions are exists.
  • The government permits 100% FDI in the Saint Lucian insurance industry.
  • Motor third-party liability and professional indemnity cover for insurance brokers are the compulsory classes of insurance.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Saint Lucia including -
  • An overview of the insurance regulatory framework in Saint Lucia.
  • The latest key changes, and changes expected in the country’s insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance product in the country.
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Saint Lucia.
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country.
SCOPE
  • The report covers details of the insurance regulatory framework in Saint Lucia.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.
REASONS TO BUY
  • Gain insights into the insurance regulatory framework in Saint Lucia.
  • Track the latest regulatory changes, and expected changes impacting the Saint Lucian Insurance Industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance product.
1 INTRODUCTION

1.1 What is this Report About?
1.2 Definitions

2 GOVERNANCE, RISK AND COMPLIANCE

2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
  2.3.1 Life insurance
  2.3.2 Property insurance
  2.3.3 Motor insurance
  2.3.4 Liability insurance
  2.3.5 Marine, aviation and transit insurance
  2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
  2.4.1 Liability insurance for ship owners in respect of oil pollution
  2.4.2 Professional indemnity insurance for insurance brokers
2.5 Supervision and Control
  2.5.1 The Insurance Association of the Caribbean
  2.5.2 Eastern Caribbean Central Bank
  2.5.3 Financial Services Regulatory Authority
  2.5.4 Caribbean Association of Insurance Regulators
2.6 Non-Admitted Insurance Regulations
  2.6.1 Overview
  2.6.2 Intermediaries
  2.6.3 Market practices
  2.6.4 Fines and Penalties
2.7 Company Registration and Operations
  2.7.1 Type of insurance organization
  2.7.2 Establishing a local company
  2.7.3 Foreign ownership
  2.7.4 Types of license
  2.7.5 Capital requirements
  2.7.6 Solvency margin
  2.7.7 Reserve requirements
  2.7.8 Investment regulations
  2.7.9 Statutory return requirements
  2.7.10 Fee structure
2.8 Taxation
  2.8.1 Insurance premium or policy taxation
  2.8.2 Withholding taxes on premium paid overseas
  2.8.3 Corporate tax
  2.8.4 VAT
  2.8.5 Captives
2.9 Legal System
  2.9.1 Introduction
  2.9.2 Access to court
  2.9.3 Alternative dispute resolution (ADR)

3 APPENDIX

3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData’s Services
3.5 Disclaimer

LIST OF TABLES

Table 1: Insurance Industry Definitions
Table 2: Saint Lucia - Insurance Regulatory Framework Key Features
Table 3: Saint Lucia - Life Insurance Regulatory Framework
Table 4: Saint Lucia - Property Insurance Regulatory Framework
Table 5: Saint Lucia - Motor Insurance Regulatory Framework
Table 6: Saint Lucia - Liability Insurance Regulatory Framework
Table 7: Saint Lucia - Corporate Tax Rates for the Financial Year 2021

LIST OF FIGURES

Figure 1: Saint Lucia - Insurance Supervision and Control at Various Levels
Figure 2: Saint Lucia - Insurance Regulatory Frameworks for Company Registration and Operation


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