The Insurance Act, Chapter 12.08 (Insurance Act) defines an Association of Underwriters as:

“An association of individual underwriters organised according to the system known as Lloyd’s whereby every underwriting member of a syndicate becomes liable for a separate part of the sum secured by each policy subscribed to by that syndicate, limited or proportionate to the whole sum thereby secured.”

Part 4 of the Insurance Act prescribes the requirements for registration and operation of Associations of Underwriters.

Lloyds is currently the sole association of underwriters registered to conduct business in St Lucia. It is also the oldest association of underwriters in the world. Originating in London in the 17^th Century, Lloyds is a specialist insurance market where business is written through specialist syndicates who price and underwrite risk via brokers and cover holders. Lloyds works through an international distribution network which currently operates in 200 territories worldwide.

Requirements for Registration

In order to be registered to conduct business in St Lucia an association of underwriters must submit an application to the Financial Services Regulatory Authority in accordance with Section 55, Part 5 of the Insurance Act. The application should be accompanied by evidence of payment of the prescribed fee (see Schedule 3 of the Insurance Act) and the following information:

a. A copy of its statute and deed of association

b. In the case of an association constituted outside Saint Lucia, a certificate stating that:-

 i. It has been established for at least 5 years

 ii. The law of the country in which it is constituted provides for the regulation of an association of underwriters, and

 iii. The association is operating in accordance with that law

c. The names of the members of the associations of underwriters

d. The name and address of every person who is nominated to accept on behalf of the members of the association service of process in any legal proceedings

e. The name and address of the insurance brokers through whom insurances may be placed as brokers in Saint Lucia; and

f. Such further information as may be required by the Financial Services Regulatory Authority