The International Insurance sector is governed by the International Insurance Act, Chapter 12.15 of the 2008 Revised Laws of Saint Lucia (The International Insurance Act). The International Insurance Act provides for matters relating to the licensing and regulation of the International Insurance sector. 

The sector consists of International Insurance Companies, Incorporated Cell Companies (ICCs) and their Incorporated Cells (ICs).  ICCs and ICs were introduced into St. Lucia as new corporate vehicles in 2007 as an alternative to the traditional stand-alone insurance company.

An ICC is an entity which has the power to establish ICs as part of its corporate structure.  An ICC may comprise any number of ICs, each is a separate legal entity, transacting separate and distinct insurance business.  ICCs and ICs are not considered affiliates of each other (according to the interpretation of Affiliate and Group in the International Insurance Act). The ICC and each of the ICs that are linked to it must enter into an Operating Agreement specifying such matters to govern their relationship.

Each incorporated cell has its own board of directors, its own memorandum and articles of incorporation.  It is a statutory requirement that the majority of directors in an IC be directors of the ICC to which it is linked.

An International Insurance Company, ICC and IC must be an International Business Company (IBC), in order to obtain a licence to conduct international insurance business from within Saint Lucia.

There are three categories of insurance licenses which can be issued to international insurance businesses within the sector namely:

CLASS A – to conduct general insurance business

CLASS B – to conduct long term insurance business

CLASS C – to conduct both general and long term insurance business

Further, companies issued a class A and C licence in the sector, can either be issued a subclass 1 or subclass 2 licence. A subclass 1 licence is a restricted licence for pure captives which insure only the risks of their owners, whilst the subclass 2 licence is granted to broad captives, insuring the risks of third parties.

A minimum paid-up capital for each class of insurance company is applicable and is prescribed by the International Insurance Act (Section 12).   Additionally, international insurance companies and ICCs are required to maintain a Security Deposit which cannot be disposed of, pledged, hypothecated or otherwise encumbered without the prior notification or approval of the Authority.  There is no Security Deposit requirement for ICs.

International insurance businesses are required to make annual payments as follows:

Annual Fees (US Dollars)                                            


  • International Insurance Company        2,500.00
  • Incorporated Cell Company                 2,500.00 plus 500 for each IC associated therewith.


  • Incorporated Cell                                  1,000.00  


History of Regulation

The International Insurance Act 38 of 1999 came into force on January 26, 2000 (S.I.3/2000). This was followed by International Insurance Regulations, Section 28 (Statutory Instrument 82/2000) and an amendment was made by issuing S.I. 35/2001 both effective April 1, 2000.

There were (2) two amendments made to the International Insurance Acts namely Act 3 of 2003 which came in force January 27, 2003 and Act 44 of 2006 in force November 27, 2006.

There was the final statutory Instrument 32/2007 which then came into force April 30, 2007.

Requirements for Registration

An application must be made to the Authority, for a licence to carry on insurance business from St Lucia.

An application form, as prescribed by the International Insurance Regulations, must be duly completed by the applicant.

The application package should include the company’s business plan, investment strategy, sample draft policies.

The non-refundable application fees are as follows:

 Application Fees (US Dollars)                                                              

International Insurance Company                                   500.00   

Incorporated Cell Company                                         1,000.00

Incorporated Cell                                                             500.00