Saint Lucia Insurance Industry – Governance, Risk and Compliance

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Saint Lucia Insurance Industry Regulation Overview

The Saint Lucia insurance industry is regulated by the Financial Services Regulatory Authority (FSRA). The other regulatory bodies that oversee the operations are the Eastern Caribbean Central Bank (ECCB),       the Insurance Association of the Caribbean (IAC), and the Caribbean Association of Insurance Regulators (CAIR).

The Saint Lucia Insurance Industry Governance Regulation research report provides a detailed analysis of the regulations for several insurance types, including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.

Key Regulators ·        Financial Services Regulatory Authority (FSRA)

·        Eastern Caribbean Central Bank (ECCB)

·        Insurance Association of the Caribbean (IAC)

·        Caribbean Association of Insurance Regulators (CAIR)

Compulsory Insurances ·        Professional Indemnity Insurance

·        Marine Liability Insurance

·        Motor Third-Party Liability Insurance

Key Taxes ·        Tax on Insurance Premium

·        Corporate Income Tax

·        Corporate Capital Gains Tax

·        Value Added Tax

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Saint Lucia Insurance Industry – Key Regulators and Legislation

Financial Services Regulatory Authority (FSRA): The FSRA is a division and department under the Minister of Finance, Economic Affairs, Planning, and Social Security responsible for the regulation and supervision of domestic (onshore) and international (offshore) insurance business in Saint Lucia. The FSRA helps the Government of Saint Lucia conduct the licensing, registration, supervisory, and regulatory functions of the insurance sector.

Eastern Caribbean Central Bank (ECCB): The ECCB is the Monetary Authority for a group of eight island economies, which include Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines. It promotes financial stability and standardizes the insurance regulatory framework across the Eastern Caribbean Currency Union (ECCU).

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Saint Lucia Insurance Industry - Company Registration and Operation

Insurers are required to obtain a license and registration from the FSRA to operate in the country. Section 10(1) of the Insurance Act 1995 stipulates the guidelines for establishing an insurance business in the country. The Insurance Act 1995 stipulates the guidelines for the creation of insurance companies in Saint Lucia.

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Saint Lucia Insurance Industry - Compulsory Insurance

A few of the key compulsory insurance required within the Saint Lucia insurance industry are:

  • Professional Indemnity Insurance
  • Marine Liability Insurance
  • Motor Third-Party Liability Insurance

Saint Lucia Insurance Industry Analysis by Compulsory Insurances

Saint Lucia Insurance Industry Analysis by Compulsory Insurances

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Saint Lucia Insurance Industry – Taxation

Tax is imposed upon insurance premiums within the insurance industry in Saint Lucia. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.  The Inland Revenue Department (IRD) is responsible for administering and supervising taxation in Saint Lucia and achieving an effective, efficient, transparent, and taxpayer-oriented tax administration. The Income Tax Act comprises the regulations related to taxation.

Corporate Income Tax: Both resident and non-resident companies are subject to tax on their income sourced from Saint Lucia. Corporate income tax is imposed at a rate of 30% on both resident and non-resident companies and income gained from foreign sources is taxed at 0%.

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This report provides:

  • Details of the insurance regulatory framework in Saint Lucia.
  • Details of the rules and regulations governing insurance products and insurance entities.
  • Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
  • Analysis of the rules and regulations on the establishment and operation of insurance businesses in the country.
  • Details of the taxation imposed on insurance products and insurance companies.

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 exist.
  • 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.

Reasons to Buy

  • Get insights into the insurance regulatory framework in Saint Lucia.
  • Get FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
  • Track the latest regulatory changes and expected changes impacting the Saint Lucia insurance industry.
  • Gain detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
  • Understand key regulations and market practices on various types of insurance products.

Table of Contents

  • 1. Legislation Overview

    • 1.1. Supervision and Control
    • 1.2. Legislation

  • 2. Compulsory Insurance
  • 3. Non-Admitted Insurance Regulations
  • 4. Company Registration and Operation

    • 4.1. License
    • 4.2. Foreign Direct Investment / Ownership
    • 4.3. Minimum Capital Requirements
    • 4.4. Solvency Margins
    • 4.5. Reserve Requirements
    • 4.6. Statutory Return Requirements
    • 4.7. Fee Structure

  • 5. Taxation

    • 5.1. Tax on Insurance Premium
    • 5.2. Corporate Income Tax
    • 5.3. Corporate Capital Gains Tax
    • 5.4. Value Added Tax

  • 6. Legal System
  • 7. Policy Practice
  • 8. About GlobalData
  • 9. Contact Us


Saint Lucia – Corporate Tax Rates for the Financial Year 2023


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

Frequently asked questions

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