Check List for international insurance or banking license
General information required in support of International Insurance/Bank Licence applications:
Certified evidence of capital and deposit (if insurance) requirements.
Completed Statutory Declaration for each shareholder.
Bank references and addresses of Shareholders.
Statement of amount and type of shares each Shareholder holds.
Resume of each Director and Senior Management personnel, to include:
a) Name, Previous names
b) Date and place of birth
c) Citizenship details
d) Country of residence
e) Length of residency
f) Private addresses (include dates from and to) for the past 10 years
g) educational qualifications
h) professional qualifications
i) employment history etc.
Existing or Proposed constitutional documents:
a) Memorandum of Association
b) Articles of Association/Incorporation
c) Certificate of Incorporation
Particulars of Shareholder loan (if any)
Comparative financial statement
a) Applicant’s Parent Co’s last audited accounts
b) Group accounts (if applicable) for previous three (3) years
c) Statements of accounts at the end of month prior to application submission (applies to subsidiary or continuing Co’s
Business Plan, encompassing:
a) Company background
b) Business objectives
c) Management and staff structure
d) Projected financial position (3 years)
e) Details of Parent/Subsidiary relationships (if any)
Names, addresses and confirmation of appointment letter from:
a) Auditors
b) Attorneys-at-Law
c) Actuary (if Insurance Co)
Customer Base Statement (if Insurance Co.) for general Business Subclass/Licence to include names and addresses of customers.
Restricted List Statement (if Bank) for Restricted Licence to include the names and addresses of persons with which business is to be restricted.
Undertaking to provide and set apart fully paid-up capital, before and at the time business commences. Must expressly provide that laws of Saint Lucia are to govern validity, interpretation and effects on the rights and obligations of each of the parties
Completed Due Diligence Questionnaire.
Signed Indemnity Form.
Further, as regards the Applicant’s Business Plan and Projections under No. 9 above, (If Insurance Co) please provide for each of the first three (3) years, information (including Balance Sheets were appropriate). Where the figures are not obvious their basis of computation will need to be shown.
(a) Claims Incurred
(b) Claims Paid
Underwriting plus Administration Expenses
(a) Net Written Premium
(b) Gross Written Premium
Net Earned Premium
(a) Cash and Bank Deposits
(b) Short Term Deposits
(c) Fixed Income Investments
(d) Equity Investments
(e) Other Investments
(a) Loss Reserves Reported
(b) Loss Reserves IBNR
(c) Life Loss Reserve
(d) Annuity Loss Reserve
(e) Contingency Loss Reserve
(f) Discounted Loss Reserve Per Actuary