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Dec 19

 Captive Insurance Companies (Amendment) Bill, 2018 

 

No.      of 2018.                Captive Insurance Companies                               Saint Christopher

(Amendment) Bill, 2018                                        and Nevis.

 

 

 

 

 

 

 

 

 

 

 

 

 

SAINT CHRISTOPHER AND NEVIS

­­­­­­­­­­­­­­­

No.         of 2018

 

 

            A BILL to amend the Captive Insurance Companies Act Cap. 21.20

 

BE IT ENACTED by the Queen’s Most Excellent Majesty, by and with the advice and consent of the National Assembly of Saint Christopher and Nevis and by the authority of the same as follows:

 

  1. Short title.

 

This Act may be cited as the Captive Insurance Companies (Amendment) Bill, 2018.

 

  1. Interpretation.          

 

In this Act, unless the context otherwise requires, “Act” means the  Captive Insurance Companies (Act), Cap. 21.20.

 

  1. Amendment of section 2.

 

      The Act is amended in section 2 by inserting in the correct alphabetical

order, the following new definitions:

 

“          “Commission” means the Financial Services Regulatory                                                                               Commission established under section 3 of the Financial                                                                  Services Regulatory Commission Act, Cap. 21.10;

 

“manager” means an insurance manager pursuant to the                                                                                provisions of section 18;”.

 

  1. Amendment of section 18.

Section 18 of the Act is amended by replacing subsection (1) as follows:

 

“          (1)        Subject to section 9A, the manager of a captive insurance                                        company shall be an insurance manager who is

 

  • a legal person that is licensed to carry on the business of an insurance manager in St. Kitts and           Nevis; and

 

  • who has in its employ at least one person who :

 

(i)         is qualified by examination as a                                  fellow or associate of the Chartered                           Insurance Institute of London;

(ii)        is a member of either the Society of                           Chartered Property and Casualty                               Underwriters or the American                                    Society of Chartered Life                                           Underwriters both of the United                                States of America;

  • is either a current member of good standing of the applicable professional body or of some other professional insurance association recognised by the Financial Services Regulatory Commission; or
  • has the relevant expertise in the field of insurance as may be considered satisfactory by the Commission.

 

 

 

…………………………………….

ANTHONY MICHAEL PERKINS

                                                                                                            Speaker

 

 

Passed by the National Assembly this              day of                                           , 2018.

 

 

 

      …………………………………….

            SONIA BODDIE-THOMPSON

                                                                                               Clerk of the National Assembly

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