• TABLE OF CONTENTS
HIDE
 Main
 Act No. 10 of 1970: An Act to make...














Title: Saint Vincent government gazette
ALL VOLUMES CITATION THUMBNAILS PAGE IMAGE ZOOMABLE
Full Citation
STANDARD VIEW MARC VIEW
Permanent Link: http://ufdc.ufl.edu/UF00077473/01150
 Material Information
Title: Saint Vincent government gazette
Alternate Title: Government gazette
St. Vincent government gazette
Physical Description: v. : ; 35 cm.
Language: English
Creator: Saint Vincent
Publisher: G.P.O.
Place of Publication: Kingstown, St. Vincent
Kingstown St. Vincent
Publication Date: May 12, 1970
Frequency: weekly
regular
 Subjects
Subject: Gazettes -- Periodicals -- Saint Vincent   ( lcsh )
Genre: federal government publication   ( marcgt )
legislation   ( marcgt )
periodical   ( marcgt )
Spatial Coverage: Saint Vincent and the Grenadines -- Saint Vincent
 Notes
Dates or Sequential Designation: v. 1, no. 1 (1868)-v. 112, no. 48 (Tues., 23 Oct. 1979)
General Note: Description based on: Vol. 111, no. 1 (Tues., 3 Jan. 1978); title from caption.
General Note: Supplements which accompany some numbers contain extraordinary issues, ordinances, statutory rules of order, etc.
 Record Information
Bibliographic ID: UF00077473
Volume ID: VID01150
Source Institution: University of Florida
Holding Location: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 19844741
lccn - sn 89018505
 Related Items
Succeeded by: Government gazette

Table of Contents
    Main
        Page 229
        Page 230
        Page 231
        Page 232
        Page 233
        Page 234
    Act No. 10 of 1970: An Act to make provision for regulating the carrying on of insurance business
        Page A-101
        Page A-102
        Page A-103
        Page A-104
        Page A-105
        Page A-106
        Page A-107
        Page A-108
        Page A-109
        Page A-110
        Page A-111
        Page A-112
        Page A-113
        Page A-114
        Page A-115
        Page A-116
        Page A-117
        Page A-118
        Page A-119
        Page A-120
        Page A-121
        Page A-122
        Page A-123
        Page A-124
        Page A-125
        Page A-126
        Page A-127
        Page A-128
Full Text



















SAINT VINCENT


GOVERNMENT GAZETTE


ShuliTjEti by Ant u1jority.


VOL. 103.] SAINT VINCENT, TUESDAY, 12 MAY, 1970. [No. 30.


GOVERNMENT NOTICES.


No. 138.


HOUSE OF ASSEMBLY
ST. VINCENT


It is notified for general information that there will be meetings of the
House of Assembly at the Assembly Chamber, Kingstown, on Tuesday 19th
and Thursday 21st May, 1970 at 10.00 a.m.
A cordial invitation is extended to the General Public.
0. S. BARROW,
Clerk of the House
12th May, 1970.


No. 139.
TERMINATION OF APPOINTMENT

In accordance with the Public Service
'Commission Regulation 30 of S.R. & 0.
No. 48/1969, the services of Mr. JOHN
ANTHONY, Agricultural Instructor, De-
partment of Agriculture, Ministry of
Agriculture, Trade and Tourism, have
been terminated as at 29th October,
1969.
12th May, 1969.


No. 140.
ACTING APPOINTMENT


Mr. C. E. R. WILLIAMS, as Chief Sur-
veyor, Lands and Surveys Department,
Ministry of Agriculture, Trade and
Tourism, with effect from 11th April,
1970 and until further notice.
12th May, 1970.
(P.F. 864)


/
7 ~

:) / ~












230 SAINT VINCENT, TUESDAY, 12 MAY, 1970.-(No. 30.)


No. 141.
PRE-RETIREMENT LEAVE

Mrs. S. E. MORRIS, Assistant Secre-
tary, Ministry for Education and
Health, has been granted 122 days' pre-
retirement leave with effect from May 1,
1970.
12th May, 1970.
(P.F. 202)

No. 142.
It is hereby notified for general infor-
mation that the contract for the Insur-
ance of Government owned Motor
Vehicles for the period 29th April, 1970
to 29th April, 1971, has been awarded
to Colonial Fire and General Insurance
Co. Ltd., through their local Agent Mr.
George A. Forde as follows:-
Third Party risks at a premium of
$100.00 per vehicle.
12th May, 1970.

No. 125.
TENDERS FOR PURCHASE OF FISHERIES
BOATS

Tenders are invited for the purchase
of
(a) Auxiliary fishing vessel "Flam-
ingo'' length 46' O.A. Beam 13'
Drauaht 6' and fitted with 31
H.P. Lister Diesel Engine, insu-
lated fishhold and sleeping ac-
commodation for five (5) persons.
(b) Fishing demonstration boat 25
feet long.
The "Flamingo" is anchored at the
Carenage and may be inspected daily
except Sunday, between the hours of
9.00 a.m. and 12.00 noon. The demon-
stration boat could be seen at the Quar-
ry". Interested persons should contact
the Ministry of Agriculture, Trade and
Tourism.
Sealed tenders should be addressed to
the Chairman, Tenders Board, to reach
him not later than 3 p.m. 15th May,
1970 and should be clearly marked on
the envelope "Tender for Fisheries
Boat".
28th April, 1970.

No. 143.
BANK HOLIDAY

Under the Bank Holidays Ordinance,
Monday the 18th May, 1970 (Whit
Monday) being a Bank Holiday, all
Public Offices will be closed on that day.
12th May, 1970.


No. 144.
LEGISLATION

The undermentioned Act which has
been assented to by His Excellency the
Governor is published with this issue of
the Gazette:-
No. 10 of 1970.-An Act to make pro-
vision for regulating the carrying
on of insurance business.


By Command,


C. IVOR MARTIN,
Permanent Secretary,
Premier's Office.
PREMIER'S OFFICE,
ST. VINCENT.
12th May, 1970.


DEPARTMENTAL AND
OTHER NOTICES.

SAINT VINCENT

IN THE HIGH COURT OF JUSTICE
(ORIGINAL)
A.D. 1968


SUIT No. 4/1968
BETWEEN:-
THE ROYAT, BANK OF
CANADA
Acting herein by its duly I
authorised Attorney on |
Record
RAYMOND FRANCIS
DESILVA
of Kingstown 1


-Plaintiff


AND
ALBERT MAY
of Cane End, Mesopotamia -Defendant

PURSUANT to an order made on the
7th day of June, 1969, THERE WILL
BE OFFERED FOR SALE by the
Registrar of the High Court at the
Court House Kingstown Saint Vincent,
between the hours of 9.30 a.m. and 12
noon on Saturday 23rd day of May,
1970, all the right title and interest mes-
suages land tenements vested in and in
the possession of the Defendant AL-
BERT MAY, as specified in the Sche-
dule hereto.
THIS IS THE SCHEDULE HEREIN-
BEFORE REFERRED TO:
ALL THAT LOT piece or parcel of
land situate at Bank of Marriaqua in the












SAINT VINCENT, TUESDAY, 12 MAY, 1970.-(No. 30.) 231


Island of Saint Vincent being in extent
FIVE (5) Lots more or less which is
abutted and bounded on or towards the
North by lands of Hollington Findlay
on or towards the South by lands of
Charles Robinson on or towards the East
partly by lands of Joseph Daniel and
partly by lands of Leonard Webb on or
towards the West by lands of the .said
Charles Robinson or howsoever other-
wise the same may be abutted bounded
known distinguished or described to-
gether with all ways waters water-
courses rights lights liberties privileges
and all other easements and appurten-
ances to the said piece or parcel of land
belonging or usually held used occupied

and enjoyed therewith or reputed to
belong or be appurtenant thereto.


Reserved Price


...... $3,500.00


on the West by lands of James Cyrus.
or howsoever otherwise the same may be
butted bounded known or described
Together with all ways waters water-
courses rights lights liberties privileges
and all other easements and advantages
thereto belonging or held used, occupied
and enjoyed therewith or reputed to be-
long or be appurtenant there-to.


Reserved Price


......$2,400.00


Dated the 27th day of -April, 1970.

A. T. -WOODS,
Registrar of the High Court.


ST. VINCENT


IN THE HIGH COURT
CIVIL


OF JUSTICE


Dated this 27th Day of April, 1970.

A. T. WOODS,
Registrar of the High Court.

SAINT VINCENT.


IN THE HIGH COURT OF
(ORIGINAL)


SUST No. 40/69
BETWEEN:-
THEOPHILUS JOHN .....
of Belmont
AND
HAROLD JOHN
of Belmont


PURSUANT to an Order made on the
21st day of March, 1970, THERE WILL
BE OFFERED FOR SALE by the
Registrar of the Supreme Court at the
Court House Kingstown Saint Vincent,
between the hours of 9.30 a.m. and 12
noon on the 23rd day of May, 1970 all
the right title and interest messuages
lands tenements vested in and in the
possession of the Defendant HAROLD
JOHN, as specified in the Schedule
hereto.
THIS IS THE SCHEDULE HEREIN-
BEFORE REFERRED TO:


'SUIT No. 63/1969
BETWEEN
'AUGUSTUS MITCHELL --Plaintiff
AND
EDMUND REVERE --Defenfdant


JUSTICE
It is hereby notified for general in-
formation that the undermentioned pro-
perty of the above named defendant of
New Montrose Levied upon by virtue of
a Writ of Seizure and Sale issued in the
above suit will be put up for sale by
public auction at the Court House
-Plaintiff Kingstown on Saturday the 16th day of
May, 1970 between the hours of 9.30
a.m. and 12.00 noon.


-Defenaant


That is to say:
(1) Motor Vessel Sea Mist"
Measuring 65 Feet Overall.

A. T. WOODS,
Registrar Suprtem Court.-


SAINT VINCENT
BY AUTHORITY OF THE REGIS-
TRATION OF UNITED KINGDOM
PATENTS ORDINANCE CAP 156 OF
THE REVISED LAWS. OF ST.
VINCENT, 1926.


ALL THAT LOT piece or parcel of ADVESTISE1ENT OF APPLICATION
land being TWO (2) Acres more or less r:F.o: R aTRATI -OF v.s.- ATENT
situate at Belmont in the Island of NO. 1,153,272
Saint' Vincent and bounded on the
North by ands of Eric Wyllie on the East In accordance with the requirement
by lands of Esau Williams on the of Section 3 of the Registration of
South by a Village Road 8 ft. wide and United Kingdom Patents Ordinance-












232 SAINT VINCENT, TUESDAY, 12 MAY, 1970.-(No. 30.)


Chapter 156 of the Revised Laws of St.
Vincent, 1926, Notice is hereby given
that an application was made on 24th
day of April, 1970, by FARBWERKE
HO:EC HST AKTIENGESELL-
SCHAFT,Vormals Meister Lucius and
Bi uning, a Body Corporate recognized
under German Law of 6230 Frankfurt
(M)-Hoechst Germany on the 25th
July, 1966, through R. Milton Cato Esq.,
Chambers, Kingstown, for the registra-
tion of U.K. Patent No. 1,153,272 in re-
spect of an -invention in relation to new
"BENZENESULPHONYL UREAS
AND- PROCESS FOR THEIR MANU-
FACTURE"..
Any person may, at any time within
TWO: MONTHS from date of such ad-
vertisement give notice to the Registrar,
of opposition to the issue of a certificate
of registration upon any of the grounds
prescribed by section 27 of the Patents
Ordinance.(Cap. 155) for opposition to
the- grant of Letter Patent.
The relevant sub-section of section 27
of the. Patents Ordinance referred to
above,, reads .thus:
S27 (1) Any person may, at any time
within two months from the date of the
advertisement. of the acceptance of a
complete specification, give notice at the
Registry of Patents of opposition to the
grant, of the Patent, on the ground of
the applicant having obtained the in-
ventiont from him, or from a person of
whom he is the legal representative, or
on the. ground that the invention has
been patented in the Colony, on an ap-
plication of prior date; but on no other
ground."

A. E. CATO,
Deputy Registrar of Patents
The.Patent Office,
c/o The: Registry,
Kingstown,
St. Vincent..
30th April, 1970.

(2)
SMITH. & NEPHEW MEDICAL
FELLOWSHIPS
UNITED KINGDOM: 1971.

Smith & Nephew Associated Compa-
nies of London are offering six interna-
tional Fellowships in Medicine, for one
year's :research and study in any special-
ist field. -
2. The Fellowships, each worth
1,500 plus return air fare, are tenable
in. the. United Kingdom only. Doctors
should hold. a professional qualification
registrable in Britain and should have


had at least two years' general clinical
experience since registration.
3. Applications should be submitted
to the Chief Personnel Officer, Service
Commissions Department, for attention
of Training Officer, by Saturday May
16th, 1970. Applicants in St. Vincent
should use Form T1; a curriculum vitae
must accompany the application from
Vincentians resident overseas.
MARY E. MORGAN,
for Chief Personnel Officer.
April 28th, 1970.
(3 ins.)

COMMONWEALTH
SCHOLARSHIPS:
NEW ZEALAND

Applications are invited from suitably
qualified persons for the award of schol-
arships under the Commonwealth
Scholarship and Fellowship Plan, ten-
able from March 1971, at Universities in
New Zealand.
Awards are primarily available, in
any field, for post-graduate study or re-
search but applications will also be con-
sidered from persons without a degree
who wish to take a course of study not
offered by the University of the West
Indies.
Applications for undergraduate study
may therefore be submitted in the fol-
lowing fields:
Architecture (professional), Music &
Fine Arts, Philosophy, Psychology,
Dental Public Health (Dip.) Op-
tometry (Dip.)
Awards, covering travel, living and
study expenses, will normally be for two
academic years, but may be extended as
required. Only in exceptional circum-
stances will applications be considered
from candidates over 35 years of age.
No provision is included for the travel
expenses of any dependants, but a mar-
riage allowance is payable to a married
scholar whose wife is not in paid em-
ployment.
Two nominations may be made by St.
Vincent. Successful applicants are re-
quired to sign an undertaking to return
to St. Vincent at the end of the scholar-
ship.
Applications, on Form T1, should be
submitted to the Chief Personnel Officer,
Service Commissions Department, for
attention of the Training Officer, by
Saturday May 30th, 1970.
MARY E. MORGAN,
for Chief Personnel Officer.
10th April, 1970.














SAINT VINCENT, TUESDAY, 12 MAY, 1970.-(No. 30.)


COMMONWEALTH
SCHOLARSHIPS:
MALAYSIA

Applications are invited from suitably
qualified persons for the award of schol-
arships under the Commonwealth
Scholarship and Fellowship Plan, ten-
able from May 1971 at the University of
Malaya, Kuala Lumpur.
These awards are for research or port-
gradvate studies only, in the following
fields:
Arts, Science, Medicine, Agriculture,
Engineering, Education, Economics,
Administration.
Awards, covering travel, living and
study expenses, will normally be for two


academic years, to graduates under 35
years. A male married scholar may be
accompanied by his wife, but no provi-
sion is included for expenses of any
other dependents.
Two nominations may be made by St.
Vincent. Successful applicants are re-
quired to sign an undertaking to return
to St. Vincent at the end of the scholar-
ship.
Applications, on Form Tl, should be
submitted to the Chief Personnel Officer,
Service Commissions Department for
attention of the Training Officer, by
Saturday May 30th, 1970.

MARY E. MORGAN,
for Chief Personnel Officer.
10th April, 1970.


EAST CARPBBEAN CURRENCY AUTHORITY



BRITISH CARIBBEAN CURRENCY BOARD COIN IN CIRCULATION
AS AT 31ST MARCH, 1970



(Pursuant to the British Caribbean Currency Agreement 1964, Article 10 (3))

$ c. $ c.


ANTIGUA
BARBADOS
DOMINICA
GRENADA
MONTSERRAT
ST.KITTS/NEVIS/ANGUILLA
ST. LUCIA
ST. VINCENT

GUYANA
TRINIDAD & TOBAGO


"Proof Sets"


444,825.00
.. 1,546,139.50
- 177,975.00
S330,175.00
- 51,250.00
201,150.00
-. 232,900.00
. 178,075.00 3,162,489.5(

- 448,667.00
904,946.00 1,353,613.00

4,516,102.50
1,870.00

$4,517,972.50


N. L. SMITH,
Acting Executive Commissioner,
Coin Continuation Board














234 SAINT VINCENT, TUESDAY, 12 MAY, 1970.-(No. 30.)


EAST CARIBBEAN CURRENCY AUTHORITY



PROVISIONAL STATEMENT OF
A.s.L'TI AND LIABILITIES AS AT 31ST MARCH, 1970


Liabilities


Assets


DEMAND LIABILITIES :


EC$


EC $


NOTES IN CIRCULATION ....51,311,970


COIN IN CIRCULATION


BANKERS' DEPOSITS


...... 4,517,972


- 456,000


EXTERNAL ASSETS:


CURRENT'I ACCOUNTS
AND MONEY AT
CALL IN LONDON ......


EC $


7,261,183


UNITED KINGDOM
TREASURY BILLS ...23,064,000

OTHER UNITED
KINGDOM GOVERN-
MENT SECURITIES -..27,255,642


INTERNATIONAL
ORGANIZATIONS


_ 1,098,976 57,384,918


FOREIGN NOTES AND
COIN IN PROCESS OF
REDEMPTION
COMMERCIAL BANKS'
BALANCES*'


.... 297,814

.- 1,833,641 59,712,280


GENERAL RESERVE


OTHER LIABILITIES


BRITISH CARIBBEAN
4,762,455 CURRENCY BOARD
NOTES
GOVERNMENT LOCAL
4,721,872 DEBENTURES


LOCAL TREASURY
BILLS

OTHER ASSETS


EC $66,869,245


EC $66,869,245


[Proportion of external
assets to demand liabili-
ties 104.1%]

*Convertible into sterling
on demand


N. L. SMITH,
Acting Managing Director.


PRINTED BY THE GOVERNMENT PRINTER AT THE GOVERNMENT PRINTING OFFICE,
KINGSTOWN, ST. VINCENT.
[ Price 30 cents. ]


EC$


2,000

2,995,050


1,471,681

2,688,234


















SAINT VINCENT.

Act No. 10 of 1970.

I Assent,
H. GEORGE,

[ L.S. ] Governor.
6th May, 1970.
AN ACT to make provision for regulating the carrying on of
insurance business.
[ On Proclamation. ]
BE IT ENACTED by the Queen's Most Excellent Majesty, by
and with the advice and consent of the House of Assembly of
Saint Vincent, and by the authority of the same as follows-
PRELIMINARY
1. This Act may be cited as the Insurance Act, 1970. Short title.
2. In this Act Interpretaion.
"actuary" means-
(a) a person who is a member of a professional organisa-
tion of actuaries which the Governor has specified by
Order published in the Gazette; or
(b) A person recognized by the Governor as having actu-
rial knowledge and experience;
"association of underwriters" means an association of in-
dividual underwriters, organised according to the sys- -" .:"
tem 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 tc '
by that syndicate, limited or proportionate to th .
whole sum thereby secured;
"auditor" means- '
(a) a person who is a member of a professional organism
tion of accountants which the Governor has specified, ,
by Order, published in the Gazette; or '










No. 10. Insurance Act. 1970.


,(b) a person recognized by the Governor as having ade-
quate accounting knowledge and experience;
"Class of insurance business" means-
(a) life assurance business; or
(b) general insurance business, or, if separate revenue ac-
counts are prescribed by the Governor under this Act,
any category of general insurance business for which
such a separate account has been so prescribed;
"company" means a body corporate which, whether incor-
porated under the Companies Act or otherwise, is regis-
tered under that Act and carries on or proposes to
carry on insurance business in Saint Vincent;
"contingent obligation dependent on human life" means-
(a) an obligation to pay to a particular person certain
sums of money at specified intervals or a certain sum
of money or to provide for a particular person a certain
other benefit-
(i) on the occurrence of the death of a particular
person or on the occurrence of the birth of a child
to a particular person at any time or within a
specified period; or
(ii) in event of a particular person surviving through-
out a specified period or specified periods;
or
(b) an obligation assumed-
(i) until the occurrence of the death of a particular
person; or
(ii) during a specified period or until the occurrence
of the death of particular person before the
expiration of the period;
"court" means a court of competent jurisdiction;
"director" means any person occupying the position of
director by whatever name called;
"Dollars" means dollars in the currency of St. Vincent;
"external insurer" means a registered, insurer constituted
outside Saint Vincent;
"financial year", in relation to an insurer, means each
period not exceeding twelve months at the end of which
the balance of the accounts of the insurer is struck;
"foreign company" means any company which is incor-
porated outside Saint Vincent;
"foreign Law" means Laws other than Laws of St. Vincent.
"general insurance business" means insurance business
other than life assurance business;










No. 10. Insurance Act. 1970.


"industrial life assurance policy" means a policy whereby
the insurer assumes, in return for premiums payable
at intervals not exceeding two months, a contingent
obligation dependent on human life, not exceeding
in amount the sum of $500.00 if the insurer ex-
pressly or tacitly undertakes to send a person to the
owner of the policy or to his residence or place of work
to collect the premiums;
"insurance agent" means a person who with the authority
of an insurer acts on his behalf in the initiation of
insurance business, the receipt of proposals, the issue
of policies or the collection of premiums;
"insurance broker" means a person who arranges insurance
business with insurers on behalf of -prospective policy
holders;
"insurance business" means the assumption of the obliga-
tions of an insurer in any class of insurance business,
and includes reinsurance business;
"insurer" means a company carrying on insurance business,
and except where otherwise stated, includes all 'the
members of an association of underwriters which is
registered as an insurer;
"life assurance business" means the assumption of the obli-
gations of an insurer under life assurance policies;
"life assurance fund" means the fund to which the re-
receipts of an insurer in respect of his life assur-
ance business are carried and from which payments in
respect of that business are made;
"life assurance policy" means an ordinary life assurance
policy, an industrial life assurance policy or a sinking
S fund policy;
"life assurer" means a registered insurer carrying on life
assurance business;
"local insurer" means a registered insurer constituted in
Saint Vincent;
"local policy" means a policy issued in Saint Vincent and
includes an ordinary life assurance policy issued out-
side Saint Vincent and subsequently made payable in
Saint Vincent at the request of the policy holder which
the policy holder has agreed in writing shall be
treated as a local policy for the purposes of this Act
but does not include an ordinary life assurance policy
made payable outside Saint Vincent atthe request of
the policy holder which the policy holder has agreed
in writing shall not be treated as a local policy for the
purposes of this Act;










NO. 10. Insurance Act. 1970.


"Minister" means the Minister charged with the responsi-
bility for finance;
"long term insurance business" includes insurance business
of all or any of the following classes namely, life insur-
ance business, non-cancellable sickness and accident
insurance business, bond investment business, and in
relation to any company, insurance business carried on
by the company as incidental only to any such class
of business;
"mutual company" means a company whose capital is
owned by the policy holders of that company and in-
cludes a company which has agreed to purchase back
or is in the process of purchasing back its share capital
at a fixed price and is recognized by the Registrar as a
mutual company;
"officer" in relation to a body corporate includes a director,
manager or secretary of that body;
"ordinary life assurance policy" means a policy whereby
the insurer assumes, in return for the payment of a
sum or sums of money, a contingent obligation depen-
dent on human life but does not include an industrial
life assurance policy, a personal accident policy, a sink-
ing fund policy or an insurance policy whereby the
insurer assumes a contingent obligation dependent on
human life in which the contingent obligation forms
a subordinate part of the insurance affected by the
policy;
"policy" means a valid insurance contract, whatever the
form, in which the rights and obligations of the
parties to the contract are expressed or created, and
includes a sinking fund policy, but does not include an
insurance contract in which-
(a) a person or a member of a class of persons declared
to be exempt from the provisions of this Act by Order
made under paragraph (a) of section 50 assumes the
obligations of the insurer; or
(b) a person assumes the obligations of an insurer in a
class of insurance business declared to be exempt from
the provisions of this Act by Order made under para-
graph (b) of section (50) ;
"policy holder" means the person who for the time being
has the legal title to the policy and includes any per-
son to whom a policy is for the time being assigned;
"prescribed" means prescribed by regulation under section
49.
"principal office" means the office notified to the Registrar
in accordance with section 15;










No. 10. Insurance Act. 1970.


"principal representative" means the representative notified
to the Registrar in accordance with section 15;
"registered insurance agent" means an insurance agent
registered in accordance with the provisions of Part III;
"registered insurance broker" means an insurance broker
registered in accordance with the provisions of Part III;
"registered insurer" means an insurer registered in accord-
ance with the provisions of Part I or, as the case may
be, of Part II;
"Registrar" means the Registrar of Insurance for whom
provision is made in section 4.
"sinking fund policy" means the obligation to pay, after
the expiration of a certain period or during a specified
period, a certain sum or certain sums of money to a
particular person in return for the payment from time
to time of certain sums of money by the other party
to the contract;
"underwriting liabilities" in relation to a member of an
association of underwriters, means the liabilities of the
insurance business of the member calculated in ac-
cordance with formulae fixed by the governing body
of the association and approved-
(a) in the case of an association constituted in St.
Vincent by the Minister; and
(b) in the case of an association constituted in a
country outside St. Vincent, by the authority in
whom is vested the administration of the law
relating to associations of underwriters in that
country.
Unless the contrary intention appears, references in this
Act to a section or Part are references to a section or Part of this
Act and references in a section to a subsection are references
to a subsection of that section.

3. (a) Part I of this Act applies to insurers other than mem- Application of
bers of an association of underwriters; and Insurers and
(b) Part II of this Act to insurers who are members of other officers.
an Association of underwriters.

4. For the purpose of this Act there shall be a Registrar of Registrar of
Insurers whose office shall be a public office, and who shall be Insurers aad
responsible for the general administration of this Act, and such other officers.
other officers as may from time to time be-approved.













PART I
Provisions governing registration, cancellation of registration and
the carrying on of Insurance business by Insurers other than
members of associations of Underwriters.
Insurers be 5. No person shall issue any policy of insurance in St. Vin-
registered. cent other than a policy in a class of insurance declared to be
exempt under the provisions of section 50, after four months
from the date on which this Act comes into operation unless he
is registered as an insurer or is exempt from registration in
accordance with ,the provisions of this Act or any regulations
made thereunder.


Application for
registration of
insurers.
Conditions for
registration of
insurers.


6. An application to be registered as an insurer shall be
made to the Registrar in the form prescribed and shall be ac-
companied by such documents as may be prescribed.
7. (1) No person other than a company may be registered
to carry on insurance business in St. Vincent.
(2) Subject to the provisions of this section and of section
67 no company may be registered to carry on insurance business
in St. Vincent unless-
(a) it has paid up share capital of not less than two hun-
dred thousand dollars or an equivalent sum in other
currency; and
(b) the Registrar is satisfied that the company is solvent
under the provisions of sectiofi 26.
(3) Subject to the provisions of this section and of section
70 no company which is a foreign company may be registered to
carry on insurance business in St. Vincent unless, in addition to
complying with the provisions of subsection (2) the Registrar is
satisfied that the company is lawfully constituted in accordance
with the laws of the country in which it is incorporated and'has
undertaken insurance business in that country for at least two
years before the date of the application.
(4) Any company which has been carrying on insurance
business in St. Vincent before the date on which this Act comes
into operation and has not ceased to carry on such business
before that date, shall, on application made to the Registrar pur-
suant to section 6, be registered by the Registrar as an insurer
not withstanding that such company does not satisfy the require-
ments of paragraph (a) and (b) of subsection (2) of this section.
But, subject to subsection (6), the registration of any insurer
registered pursuant to this sub-section shall be cancelled by the
Registrar if after one year from the date of registration the
insurer does not satisfy the requirements of paragraphs (a) and
(b) of subsection (2).
(5) Paragraph'(a) of subsection (2) shall not apply in the
case of any company which is a mutual company.


No. 10.


Insurance Act.


1970.











No. 10. Insurance Act. 1970.


(6) The Minister may by Order published in the Gazette
vary the requirements as to paid up-share capital, the period of
business specified in subsection (3), or the period specified in
subsection (4), or may give approval for specific business to be
placed with unregistered companies.

8. (1) A company may not be registered under section 7 to Deposits.
carry on, or carry on any class of insurance business unless it has
deposited with the Registrar on behalf of the Minister, the appro-
priate deposit prescribed in subsection (2).
(2) Where-
(a) a. foreign company intends to carry on long-term
insurance business, the deposit shall be $50,000.00;
(b) a company intends to carry on motor vehicle in-
surance business, the deposit shall be either
$50,000.00 or an'amount equivalent to 39% of the
premium income of the company with respect of
St. Vincent motor insurance business during the
financial year last preceding the date of the de-
posit, whichever is the greater;
(c) a company intends to carry on insurance business
other than long-term or motor vehicle insurance
business; the deposit shall be $15,000.00
(3) Any deposit made under this section may be'either in
the form of cash or in the form of securities approved by the
Minister or partly in one and partly in the other.

9. (1) All deposits made by a company in pursuance of this Deposits under
Act shall be deemed to form part of the assets of the company. this Act.
(2) All interest and dividends accruing due on any securi-
ties deposited in pursuance of this Act shall be paid to the com-
pany.
(3) A deposit made under section 8 in respect of any class
of insurance business shall be retained by the Registrar until
either the company ceases to be registered in respect of that class
of insurance business or the deposit is required in the winding-up
of the company; and if the company ceases to be registered as
aforesaid, the deposit or part of it may be further retained for
the liabilities in respect of policies as is required under this Act.
(4) Upon making application for its deposit, the company
shall file with the Registrar a list of all policy holders in Saint
Vincent whose risks have n6t been so provided for or who have
not surrendered their policies, and it shall at the same time pub-
lish, and continue the publication at least once a week for six
consecutive weeks, in the Gazette and in at least one newspaper
published in Saint Vincent and approved by the Registrar, a
notice that it will apply to the Registrar for the release of its














deposits on a certain day not less than four months after the
date of the publication of the first notice and calling upon the
policy-holders opposing such release to file their opposition with
the Registrar on or before the day so named.
(5) After the day so named in the said notice, if the Regis-
trar is satisfied on reasonable grounds that the deposit of the
company with him is substantially in excess of the requirements
of this Act in respect of the continuing policy-holders, he may,
with the concurrence of the Minister, from time to time release
to the company such portion of the excess as he deems proper
in the circumstances and shall continue to hold the remainder
of the deposit for the protection of the continuing policy-holders
as is by this Act provided.
(6) Notwithstanding this section if the company is in liqui-
dation or a judgement of the Court is obtained the deposits or
part thereof made by the company may, on the order of any
Court having jurisdiction under this Act or the Companies Act,
be released by the Registrar to the liquidator or judgement cre-
ditor.
(7) Where the registration of the company that has not
commenced to carry on business in Saint Vincent is cancelled in
pursuance of section 13 of this Act, the Registrar shall refund
to the company any monies and deliver to the company any
securities, deposited by the company in pursuance of section 8.


Registrar to
request increase
of deposit
in case of
depreciation.



Notification of
Registrar's
decision on
application.

Registered
insurers may be
prohibited from
writing new
business.



- Cancellation of
registration.


10. If the Registrar is satisfied that by reason of deprecia-
tion in value of security or other cause the value of money and
approved securities deposited by a company with him falls short
of the value required by this Act, he shall, by notice in writing,
require the company to deposit with him money or approved
securities or both to a value deemed by him to be sufficient to
bring the amount of the deposit to the value required by this Act.
11. The Registrar shall notify the applicant for registration
as an insurer in writing whether he proposes to register the
applicant or to reject the application. If the Registrar proposes
to reject the application, he shall state his reasons for so doing.

12. (1) The Minister may prohibit a registered insurer from
writing new policies in any class of insurance business if he is
satisfied that it is in the interest of the policy holders or pros-
pective policy holders so to do.
(2) The Minister shall notify the registered insurer in
writing of a decision taken under subsection (1) and shall state
the reasons for his decision.

13. (1) If the Registrar is not satisfied that-
(a) the registered insurer is solvent under the provisions
of section 26; or


No. 10.


Insurance Act.


1970.











Insurance Act.


(b) the insurance business of the registered insurer is
being conducted in accordance with sound insurance
principles; or
(c) any provisions of this Act have been complied with
by the registered insurer, he may notify the regis-
tered insurer in writing that he proposes to cancel
his registration and shall state reasons for so doing.
(2) The Registrar may cancel the registration of an in-
surer-
(a) if he is satisfied that the registered insurer has
ceased to carry on business in St. Vincent; or
(b) if he is satisfied that the registered insurer has not
commenced business in St. Vincent within two years
of registration; or
(c) at the request of the registered insurer or his liquida-
tor, trustee or judicial manager.

14. An insurer whose application for registration has been Policies issued
rejected or whose registration has been cancelled in accordance before rejection
with the provisions of this Part shall continue to carry on business of application
relating to policies issued by him prior to the date on which he of registration.
was notified of such rejection or cancellation unless the Registrar
is satisfied that he has made suitable arrangements for his obli-
gation under these policies to be met.

15. (1) A registered insurer shall maintain a principal office Registered
in. St. Vincent and shall appoint a principal representative in St. insurers to
Vincent. maintain
(2) A registered insurer shall notify the Registrar in writ- principal office
ing of the address of his principal office and the name of his and appoint
principal representative. repsen active.
(3) If a registered insurer changes the address of his prin-
cipal office in St. Vincent or appoints a new principal representa-
tive, he shall, within twenty-one days of the change of appoint-
ment,.or address, give notice thereof to the Registrar in writing.

16. Where any advertisement, notice or other document of Publication of
a registered insurer contains a statement of the amount of his authorised
authorised capital or of his issued capital, the publication shall capital etc. of
also contain a statement of the amount of the capital which has registered
been paid up. insurers.

17. A registered insurer who carries on besides insurance any Separate
other business shall keep separate accounts in respect of his accounts for
.insurance. business, business other
than insurance
business of
insurers.


1970.


- No. 10.











No. 10. Insurance Act. 1970.


Life assurers 18. (1) A Life assurer who carries on general insurance
carrying on business in addition to his life assurance business, shall keep
business other separate accounts in respect of his life assurance business.
than life
assurance
business.
(2) All receipts of a life assurer in respect of his life as-
surance business shall be carried to and form part of his life
assurance fund.
(3) Payments from the life assurance fund of a registered
insurer shall not be made directly or indirectly for any purpose
other than those of his life assurance business, except in so far
as such payments can be made out of surplus disclosed on an
acturial valuation and certified by the actuary to be distributable
otherwise than to policy holders.
Security of 19. (1) The assets of the life assurance fund of a registered
Life policy insurer shall be absolutely the security of the life policy holders
holders, as though the insurer carried on no business other than life
assurance business.
(2) A life assurer shtll keep a separate record of the
assets of his life assurance funds; but where the Minister, in
the exercise of his powers under section 51, waives the segrega-
tion of these assets, the assets of the life assurance fund for the
purpose of subsection (1) shall be taken to be that proportion
in value of the registered insurer's total assets which the life
assurance fund bears to his total liabilities, excluding any lia-
bilities in respect of business other than life assurance business
to the extent that they could not be met except in contravention
of subsection (3) of section 18.
Audit of 20. (1) The accounts of a registered insurer shall be audited
accounts annually by an independent auditor. The auditor shall not be
registered an employee or an officer of the insurer.
insurers.
(2) The auditor of a registered insurer shall satisfy him-
self that accounts of the insurer have been properly prepared in
accordance with the books and records of the insurer.
(3) The auditor of a registered insurer shall certify
whether-
(a) he has obtained adequate information from the
books and records of the insurer; and
(b) the accounts of the insurer accord with the informa-
tion given to him by the insurer for the purposes of
his audit; and
(c) in the case of an insurer other than a mutual com-
pany, the balance sheet and profit and loss account
respectively of the insurer give a true and fair view
of the insurer's financial position and profit and loss;













(d) in the case of a mutual company, the balance sheet
and funds give a true and fair view of the insurer's
financial position.


21. (1) Subject to the provisions of subsections (3) and (10),
a registered insurer shall, within six months of the end of each
financial year, prepare and furnish to the Registrar in the forms
prescribed: -
(a) a balance sheet showing the financial position of all
the insurance business of the insurer at the close
of the year;
(b) a separate balance sheet with the same closing date
for the insurer's life assurance business if he carried
on any;
(c) a profit and loss account in respect of all his insur-
ance business in that year except in the case of a
mutual company;
(d) separate revenue accounts for-
(i) ordinary life assurance business;


Accounts and
balance sheets
etc. of registered
insurers to be
submitted to
Registrar.


(ii) industrial life assurance business;
(iii) sinking fund business;
(iv) general insurance business, or such classes
thereof as may be prescribed by the Minister by
regulations under this Act;
(e) an analysis of life assurance policies in force at the
end of that year;
(f) a certificate that the assets of his insurance business
are in the aggregate at least of the value shown in the'
balance sheet;
(g) (i) in relation to any life assurance business carried
on by the insurer, a certificate that the value of
the assets of the life assurance fund exceeds the.
liabilities;
(ii) where an insurer carries on general insurance
business, a certificate that the value of his assets
exceeds the amount of his liabilities by which-
ever is the greater of the amounts specified in
paragraph (a) (ii) of subsection (1) of section
26; and
(iii) where an insurer carries on both life assurance
business and general insurance business, a cer-
tificate that the value of his assets, including the
life assurance fund, exceeds his liabilities by the
amount specified in paragraph (a) (ii) of sub-
section (1) of section 26;


No. 10.


Insurance Act.


1970.









No. 10. Insurance Act. 1970.


(h) such other documents and information relating to
the accounts and balance sheets referred to in this
subsection as may be prescribed.
(2) A registered insurer shall furnish to the Registrar with
the documents referred to in subsection (1) a copy of any report
on the affairs of the insurer submitted to the policy holders or
shareholders of the insurer in respect of the financial year to
which those documents relate.
(3) All the documents required to be furnished under
subsection (1) above shall relate to the world-wide business of
the registered insurer but the Registrar may require in addition
a statement showing in respect of the insurer's business in St.
Vincent the amounts of premiums and considerations for annui-
ties received, claims paid and outstanding, surrenders, including
surrenders of bonus, annuities paid, bonuses paid, commission
and expenses of management.
(4) Such of the documents required to be furnished under
subsection (1) as may be prescribed shall be certified by an
independent auditor, by .an actuary or by officers of a body cor-
porate.
(5) If, in the opinion of the Registrar, a document fur-
nished by a registered insurer under subsection (1) is incorrect
or is not prepared in accordance with the provisions of this Act,
he may, by notice in writing, call upon the insurer to amend the
document, or to furnish a correct document, or as the case may
be, a document prepared in accordance with the provisions of
this Act.
(6) If a registered insurer fails to comply with a notice
referred to in subsection (5) to the satisfaction of the Registrar,
the Registrar may himself either amend the document in ques-
tion, giving the insurer particulars of the amendment, or reject
the document.
(7) A document amended by the Registrar or by a regis-
tered insurer under this section shall be treated as having been
submitted to the Registrar in its amended form.
(8) If a document of a registered insurer has been rejected
by the Registrar under subsection (6) the Insurer shall be treated
as having failed to comply with the provisions of subsection (1)
in relation to that document unless and until he has furnished
another document in accordance with the direction of the
Registrar.
(9) A registered insurer liable under a local life assurance
policy shall, at the request of the policy holder, furnish him free
of charge with a copy of the relevant revenue account, profit and
loss account and balance sheet prepared by the insurer under
subsection (1) in respect of his last preceding financial year.










Insurance Act.


(10) The requirements of this section shall not apply in
the case of a registered insurer who carries on only insurance
business of a class or classes declared exempt for the time being
under the provisions of section 50.

22. All registered insurers who operate as separate entities
which can be wound up under the Laws of St. Vincent or foreign
Laws shall render separate accounts in respect of each separate
entity but where they are associated together in a group the
parent company shall also furnish to the Registrar consolidated
accounts for the group as a whole.

23. An external insurer shall keep within St. Vincent and
shall make available to the Registrar on request-
(a) a record of all local policies issued by him showing
his rights and obligations thereunder; and
(b) a record of the aggregate amount of the premiums
received by all local policies issued by him.
24. (1) 'A life assurer shall, not less than once in every five
years, cause an investigation into his financial position, including
a valuation of his liabilities, to be made by an actuary.
(2) A life assurer shall, whenever his financial position
is investigated with a view to a distribution of surplus or in
compliance with subsection (1), prepare and furnish to the
Registrar in the form prescribed, within twelve months of the date
to which his accounts are made up for the purposes of investiga-
tion, an abstract of the report of the actuary by whom the investi-
gation was made and a statement of his assurance business at that
date.
25. No local insurer shall-
(a) amalgamate with one or more insurers if any of the
insurers to be amalgamated are persons carrying
on life assurance business; or


Separate group
accounts.





Keeping of
records by
external
insurers.



Periodical
investigations
to be made into
financial
position of life
assurers.


Amalgamations
and transfers of
life assurance
business.


(b) transfer his life assurance business or a part of his
life assurance business to, or take transfer of the life
assurance business or a part of the life assurance
business of, another insurer, unless the amalgamation
or, as the case may be, the transfer, is sanctioned by
the Registrar.
26. (1) A registered insurer shall be deemed to be insolvent- Insolvency of
(a) (i) in the case of an insurer undertaking no class of registered
insurance business other than life assurance Insurers.
business, if the value of his assets does not
exceed his liabilities; or


No. 10.


1970.








114
No. 10. Insurance Act,- 1970.


(ii) in the case of an insurer undertaking general
insurance business but not life assurance busi-
ness, if the value of his assets does not exceed
his liabilities by whichever is the greater of the
following amounts, namely-
(A) two hundred thousand dollars or an equivalent
sum in other currency; or
(B) one tenth of his premium income in respect of
his general insurance business in his last pre-
ceding financial year; or
(iii) in the case of an insurer undertaking both life
assurance business and general insurance busi-
ness, if the value of his assets, including the
life assurance fund, does not exceed his liabilities
by the amount specified in sub-paragraph (ii) of
this subsection; or
(b) until the contrary is proved, if he fails to present to
the Registrar a certificate, or as the case may be,
certificates in accordance with the provisions of
paragraph (g) of subsection (1) of section 21 within
the time specified in the said subsection.
(2) In calculating the margin cf solvency referred to* in
paragraph (a) (ii) of subsection (1)-
(a) All contingent and prospective liabilities of an insurer
including adequate provision for unexpired policies
and outstanding claims, but not liabilities in respect
of share capital, shall be taken into account in
assessing the amount of the liabilities of the insurer;
and
(b) the insurer's premium income in any financial year
shall be assessed as the net amount, after deduction
of any premiums paid by re-insurance, of the pre-
miums received in his last preceding financial year
in resped' of all general insurance business carried on
by him.

Valuation of 27. The Minister may by regulations published in the Gazette
liabilities in the prescribe the manner in which the liabilities under policies are to
event of be estimated in the event of the winding-up of a registered insurer
winding up. or of his business in St. Vincent.

PART II
Provision governing registration, cancelling of registration and
the carrying on of insurance business by members of associations
of underwriters,












No. tO. Insurance Act. 1970.


28. (1) No association of underwriters may issue .policies of
insurance in St. Vincent after four months from the date on
which this Act comes into operation unless it is registered in
accordance with the provisions of this Part.
(2) No association of underwriters which is constituted
outside St. Vincent may be registered under this Act unless there
are one or more persons resident in Saint Vincent who are autho-
rised to accept on behalf of the members of the association
service of process in any legal proceedings being persons nomi-
nated for that purpose by the association.
(3) An application by an association of underwriters for
registration shall be made to the Registrar and shall be accom-
panied by the following documents and information-
(a) a copy of its statute and deed of association;
(b) in the case of an association constituted outside
St. Vincent a certificate stating that it has been
established for at least five years and that the legis-
lation of the country in which it is constituted pro-
vides for the regulation of an association of under-
writers and that it is operating in accordance with
that legislation;
(c) the name and address of every person who is nomi-
nated pursuant to subsection(2) ; and by such further
information as may be prescribed.
29. An association of underwriters registered in accordance
with the provisions of this Part (in this Part referred to as a
"Registered association") shall within six months of the end of
each financial year furnish to the Registrar-
(1) In the case of an association constituted outside
St. Vincent-
(a) a certified copy of such returns relating to the insur-
ance business of the members during the preceding
year as are required to be made to the responsible
Minister or other public authority in the county in
which the association is constituted; and
(b) a certificate, signed by the Chairman or other presid-
ing officer of the association and by or on behalf of
the responsible Minister or other public authority,
stating whether the association has complied with
the requirements of the legislation for the regulation
of associations of underwriters in the country in
which it is constituted; and
(c) the latest annual list of members and the names of
of its Committee or other governing body.
(2) In the case of an association constituted in St. Vincent
such documents and information as may be prescribed.


Registration of
associations of
underwriters.


Documents and
information
relating to
insurance
business to be
furnished to
the Registrar.


Insurance Act.


1970.


No. 10.










Insurance Act.


Cancellation of
registration.


30. The Registrar may cancel the registration of an associa-
tion of underwriters-
(a) if he is satisfied that the insurance business of its
members is not being conducted In accordance with
sound insurance principles; or
(b) if the association has failed to comply with any
requirements imposed upon it in accordance with
this Part; or
(c) if he is satisfied that the members of the association
have not commenced business within one -year of
registration or have ceased to carry on business within
St. Vincent; or
(d) at the request of the association


Notification of 31. (1) The Registrar shall notify the applicant for regis-
Registrar's tration as an insurer in writing whether he proposes to register
decision on the applicant or to reject the application.
application
(2) If the Registrar proposes to reject the application, he
shall state his reasons for doing so.

Registered 32. (1) The Registrar may prohibit a registered association
associations may from writing new policies in any class of insurance business if
be prohibited he is satisfied that it is in the interest of the policy-holders or
from writing prospective policy-holders to do so.
new business.
(2) The Registrar shall notify the registered association in
writing of a decision taken under sub-section (1) and shall state
the reasons for his decision.

Issue of policies 33. An association whose application for registration has
valid in spite of been rejected or whose registration has been cancelled in accord-
rejection or ance with the provisions of this Part shall continue to carry on
cancellation of business relating to policies issued by it before the date on which
registration, it was notified of such rejection or cancellation, unless the
Registrar is satisfied that it has made suitable arrangements for
its obligations under these policies to be met.

Keeping of 34. An insurance broker registered in accordance with
records by Part III shall keep within St. Vincent and shall make available
registered to the Registrar on request-
brokers. (a) a record of all local policies issued by him on behalf
of members of a registered association; and
(b) a record of the aggregate amount of the premiums
received on such policies.


No. 10.













No. 10. InsWrance Act. 1970.


PART III
Registration and cancellation of registration of insurance agents
and of insurance brokers.

GENERAL
35. No person may act as, or carry on business as, or pur-
port to act as, or carry 9n business as, an insurance agent or an
insurance broker in St. Vincent after four months from the date
on which this Act comes into operation unless he is registered
in accordance with the provisions of this Part as a person
authorised to act or to carry on such business.

36. An application to be registered as an Insurance agent
or as an insurance broker shall be made to the Registrar in the
form prescribed and shall be accompanied by such documents
as may be prescribed, but only a registered insurer may apply
for a person to be registered as an insurance agent.

37. (1) The following persons shall not be competent to act
as or to carry on business as insurance agent or broker and shall
not be registered as being authorised so to act or carry on such
business-
(a) a person under the age of twenty-one years;
(b) a person found by a court of competent jurisdiction
to be of unsound mind;
(c) an undischarged bankrupt, unless he has been
granted leave so to act or to carry on such business
by the court by which he was adjudged bankrupt.
(2) The Registrar may, in his absolute discretion refuse to
register any of the following persons-
(a) a person who has 'been convicted of any offence
involving fraud or dishonesty;
(b) a person w'o has persistently failed to comply with
any of the provisions of this Act;
(c) a person who has been known to have acted recklessly
or incompetently in acting as or carrying on business
as an insurance agent or broker.

38. The Registrar shall notify the applicant in writing
whether he proposes to accept or to reject the application. If
the Registrar proposes to reject the application the Registrar shall
state his reasons for so doing.


Insurance agents
and insurance
brokers to be
registered.



Application for
registration
as an insurance
agent or
broker.

Restrictions
on registration
of insurance
agent or
broker.


N.i ii l of
tiestra-'s
decision on
application.


1970.


No. 10.


Insurance Act.













No. 10. Irtsurance Act. 1970.


Cancellation
-of registration
of an insurance
agent or of an
insurance
broker.

Agent or broker
deemed to be
agent of insurer.


Fraudulent
representation.



Liability for
unlawful
contracts.


39. If the Registrar is satisfied from the information at his
disposal that it would be in the public interest to cancel the
the registration of an insurance agent or an -insurance broker,
the Registrar shall notify the Jinsurance agent or insurance
broker in writing that he proposes to cancel the registration and
shall state his reasons for so doing.

40. An Insurance agent or broker shall, for the purpose of
receiving any premium for a contract of insurance, be deemed
to be the agent of the insurer notwithstanding any conditions or
stipulations to the contrary.

41. An Insurance agent or broker who knowingly procure
by fraudulent representations, payment or the obligation for pay-
ment on any premium on an insurance policy is guilty of an
offence.

42. An Insurance agent or broker is personally liable to the
insured on all contracts of insurance unlawfully made by or
through him directly or indirectly with any insurer not registered
to carry on insurance business in St. Vincent in the same manner
as if such agent or broker were the insurer.

AGENTS


Registration 43. On receipt of an-application made pursuant to section 36,
of agents. the Registrar, if satisfied that the person in respect of whom the
application is made is a suitable person to be registered as an
insurance agent in St. Vincent may register such person as an
Agent subject to the provisions of this Act and any regulations
made thereunder.

Provisions 44. (1) An Insurance agent shall not act as an agent for
concerning two or more registered insurers unless he is separately r .,-:d
insurance as an insurance agent for each such insurer.
agents. (2) In the case of a proposal under section 39 to cancel

the registration of an insurance agent the Registrar shall notify
each and every insurer for whom the agent is separately regis-
tered under the provisions of subsection (1) that he proposes
to cancel all registrations of that insurance agent.
(3) If at any time an insurer terminates his appointment
of a person to act as an insurance agent for him, he shall at
the same time notify the Registrar in writing of the name of the
person whose appointment he has te.rmintecd. On receipt of such
notification' the Registrar shall cancel the registration of that
person to act as an insurance agent for the said-insurer.
(4) If at any time the registration of an insurer is caIncelled
the Registrar shall at the same time cancel the registrations as
insurance agents for that insurer of all persons so registered.


No. 10.


Insurance Act.


1970.











No. 10. Insurance Act. 1970.


45. No person may be registered as being authorised to act Unregistered
as an insurance agent for an unregistered insurer, insurers.

BROKERS
46. (1) On receipt of an application made pursuant to Registration
section 36, the Registrar, if satisfied that the applicant is resident of brokers.
in St. Vincent, and is a suitable person to be registered as an
Insurance broker, may register the applicant as a person autho-
rised to act in St. Vinceht as, or carry on business therein as, a
broker to negotiate, continue or renew contracts of insurance, or
to place risks or effect insurance with any duly registered insurer
or his agent.
(2) A broker registered under this Part shall not negotiate,
continue, or renew contracts of insurance, or place risks or effect
insurance with any person other than a duly registered insurer
or the registered agent of an insurer.

47. Subject to section 40, an insurance broker shall not be Registration
presumed to be the agent of the insurer or the agent of the not to import
insured by reason of his registration under this Part. agency.

SUB-AGENTS
43. (1) No. person shall act as sub-agent for a registered Appointment
Insurance agent unless that person has received from the regis- of sub-agents.
tered insurance agent a letter of appointment or similar authori-
sation in which that agent defines the powers of the sub-agent
acting on his behalf for which that agent will hold himself re-
sponsible.
(2) An insurance sub-agent shall on demand by the Regis-
trar or by any person authorised by the Minister in that behalf
produce to the Registrar or to any such person the sub-agent's
letter of appointment or similar authorisation referred to in
subsection (1).

PART IV
Powers and duties of the Ministers, the Registrar and Inspectors.

49. The Minister may from time to time make regulations Powers of
prescribing anything which under this Act may be prescribed and Minister
generally for the better cai:ying out of the objects and-purposes to make
of this Act. regulations.

50. The Minister by order published in the Gazette may- Power of
Minister
(a) declare a person or a class of persons to be exempt to make
from the provisions of this Act; exemptions.















(b) declare a class of insurance business to be exempt
from the provisions of this Act except in so far as it
may be required to be'taken into account in returns
to be made by a registered insurer under section 21.


Power of
Minister
to a"pti
compliaanm
certificates
from external
insurers.








Extension
by Minister of
period specified
for performance
of acts.
Classification by
Registrar of
insurance
business.

Approval
by Registrar
of variations
from prescribed
forms.
Power of
Minister
or Registrar
to demand
information.



Power of
Minister
or Registrar
to require
information
to be supplied
il Euglgig.


51. The Minister may by order published in the Gazette
waive or modify such of the requirements of Part I or Part II or
of any regulations made under this Act as he thinks fit in the
case of an external insurer-
(i) who furnishes annually a certificate issued by the
insurance supervisory authority of the country in
which the insurer is incorporated to the effect that
he is complying with all the applicable insurance
supervisory requirements of that country or in the
case of a member of an association of underwriters
that the association is so complying; and
(ii) who gives such further information regarding his
business as the Minister may think relevant to the
purposes of this Act.
52. The Minister may, if he thinks fit, by order published in
the Gazette, extend periods prescribed under this Act for the
performance of any act.


53. The Registrar may determine that insurance business
of any particular class which an insurer carries on shall be
treated, for the purposes of this Act, as insurance business of
another class.
54. The Registrar may approve variations from any pre-
scribed form for the purpose of adapting the form to take
account of the circumstances of particular registered insurer or
applicant for registration as an insurer.

55. The Minister or the Registrar, as the case may be, may,
for the purpose of carrying out the provisions of this Act, demand
from a registered insurer, registered insurance agent, or registered
insurance broker, or an applicant for registration as an insurer,
insurance agent, or insurance broker, any document or informa-
tion relating to any matter connected with his business or trans-
actions, whether insurance business or transactions or otherwise.
66. The Minister or the Registrar, as the case may be, may
require any person who furnishes to the Minister or to the
Registrar in accordance with the provisions of this Act, any
statement, certificate or other document whatsoever in a language
other than english language, to provide a translation of that
document in the English Language at that person's expense.


Insurance Act.


1970.


No. 10.








121


No. 10. Insurance Act. 1970.


57. The Minister may from time to time prescribe a scale Power
of fees to be charged in respect of such proceedings under this of Minister
Act as may be prescribed; and the Minister may in such regula- to prescribe
ti=ns direct by whom and in what manger the fees are to be fees.
collected and accounted for.

58. The(Minister may prescribe the number of copies and Provisions for
the manner of certification for all documents required under the copies and
provisions of this Act to be furnished by an insurer, certification
of documents.

59. The Registrar shall cause notice of registration or cancel- Notification
lation of registration of an insurer or of an insurance agent or of Registrar's
of an insurance broker to be published in the Gazette and in actions.
three issues of a newspaper published in St. Vincent.

60. (1) The Minister may appoint an Inspector to investigate Investigation
the affairs as any part of the affairs of a registered insurer and of the affairs
to submit a report thereon to him if he is satisfied that it is in of an insurer.
the interest of the policy holders to do so.
(2) An Inspector appointed under subsection (1) may in-
vestigate the Affairs of any other body corporate which is or has
at any relevant time been registered insurer's subsidiary or hold-
ing company or a holding of its subsidiary.
(3) All past and present officers of the registered insurer
and of bodies corporate under investigation by an Inspector shall
produce to the Inspector all books and documents relating to the
registered insurer or body corporate under investigation which are
in their custody all assistance in connection with the investiga-
tion which they are reasonably able to give.
(4) An Inspector appointed under subsection (1) shall have
the same powers, rights and privileges as are conferred upon a
commissioner appointed under the Commission of Inquiry Ordi-
nance and the provisions of that Ordinance shall, mutatis mutan-
dis, apply in relation to an investigation made under this section
and to any person summoned to give evidence or giving evidence
at that investigation.
(5). On consideration of the report of such an investigation
submitted pursuant to subsection (1) -the Minister may direct
that such proceedings as are considered appropriate by the
Registrar shall be instituted against the registered insurer or
other body corporate, or any person connected with them, investi-
gated pursuant to 'subsection (1).
(6) All expenses properly incurred in connection with an
investigation made under this section or in connection with any
proceedings instituted as a result of any such investigation may











Insurance Act.


Power of
Registrar to
petition for
winding up on
insolvency

Actions of
Registrar
subject
to review.






















Annual report
to be made
by Registrar.


be recovered as a civil debt due to the Government from the
registered insurer or other body corporate whose affairs are in-
vestigated under this section.

61. A petition for the winding up of a registered insurer, or
his business within St. Vincent, on the ground of insolvency
within the meaning of Section 70 of subsection (4) of chapter 219
of the Companies Act cf St. Vincent may, with the leave of the
High Court, be presented by the Registrar.

62. (L) Any person aggrieved by any action or proposal of
the Registrar under the provisions of this Act or under any
regulations made thereunder may within fifteen days of the date
of the notice of the Registrar's action or of the Registrar's pro-
posal inform the Registrar in writing of his intention to refer his
case for review by the Minister and thereupon shall within sixty
days of the date of the notice of the Registrar's action or proposal
to lodge with the Registrar a notice in writing specifying in detail
the grounds for referring his case for review to the Minister.
(2) If no information of intention to refer a case for
review is given to the Registrar within fifteen days as provided
for in subsection (1) the Registrar may proceed with his proposal
or action.
(3) Unless the Registrar decides to revoke or modify his
action or proposal in a manner acceptable to the aggrieved person,
the Registrar shall transmit to the Minister a notice of review
lodged with him under subsection (1).
(4) The Minister shall in his discretion decide whether to
allow or dismiss the notice of review.
(5) The Registrar shall give notice in writing to a person
who has referred a case for review under this section of the
Minister's decision in the case and of the Minister's reason for
the decision.

63. (1) The Registrar shall, on or before the last day of June
in each year or such later date in the year as the Minister may
allow, prepare and submit to the Minister a report, in respect of
the last preceding year, of the matters regulated by this Act.
(2) The Minister shall cause a copy of every report prepared
under subsection (1) to be laid before the House of Assembly as
soon as possible after its submission to him.

PART V.

Deposits and Investments by Insurance Companies.


No. 10.










No. 10. Insurance Act. 1970,


64. (1) Where the Minister considers it desirable in the Deposits.
interests of the local policy holders of an insurer so to do, he may
from time to time require the company to make a deposit (or a
further deposit or deposits) in accordance with regulations made
under this Act, within such time and in such amount as may be
specified in the regulations.
(2) Every such deposit shall be in the form of cash or
securities, or partly the one or partly the other, as may be
approved by the Registrar.
(3) In the exercise of the powers conferred by subsection
(1) different amounts may be specified in respect of different
classes of insurance or in respect of different companies, subject
however to the limitation that these powers shall not be so
exercised that a company or association of underwriters is requir-
ed at any time to have a deposit exceeding in total $100,000.
(4) All deposits made by an insurance company under this
section shall be deemed to form part of the assets of the company.
(5) All interest accruing due on any securities deposited
under this section shall be paid to the company.
(6) If any monies or securities held on, or as part of, any
deposit required to be made by an insurance company under this
section are, while so deposited, lost, stolen, damaged, or destroyed,
the injury occasioned to all persons inieresLed in such monies or
securities shall be made good out of the monics to be appropriated
by the House of Assembly for the purpose.
(7) The Minister may in his discretion return the whole or
any part of any deposit made under this section.
65. (1) Without any prejudice whatever to the provisions of Power of
Section 64 the Minister may require that an insurance company Minister to
shall, within such time and in such amount as may be prescribed, require
invest its funds in local securities cr assets and the company shall Insurance
comply with any such requirement. to invest
(2) The powers conferred upon the Minister by subsection in local
(1) shall be exercised in relation to a company from time to time, securities.
subject, however, to the limitation that these powers shall not be
so exercised that a company is required to have at any time its
funds invested in local securities or a. sets in an amount in excess
of sixty per centum of the company's total liabilities under local
policies of life assurance.
(3) For the purposes of this section:
(a) Local securities or assets includes deposits with St.
Vincent b.'anAces of Banks, securities issued by the
Government of St. Vincent, property in St. Vincent
and mortgages on such property, together with such
other securities as the Minister may approve as
being investments aiding the economy of St. Vincent.








124
Insurance Act.


No. 10,


1970.


(b) A company's total liabilities under local policies of
life assurance shall be the amount so certified from
time to time by an Actuary.
(4) Where a company has made a deposit under section 64
any part of that deposit qualifying under Subsection 3 (a) shall be
treated as local securities or assets for the purposes of this section.

PART VI.

Miscellaneous
Restriction on 66. After the expiry of sixty days from the commencement
use of word of this Act no person other than a registered insurer or a regis-
"insurance". tered insurance broker shall have or use without the Minister's
written authorisation the word "insurance" or any derivative
thereof, in the name under which such person is carrying on
business.

Restrictions 67. (1) Notwithstanding the provisions of Section 7, the
on names to be Registrar shall not register an applicant as an insurer if the name
- used for under which the applicant desires to be registered is identical to
registration. or so nearly resembles the name of a registered-insurer as to be
likely to be mistaken for it, unless that registered-insurer is being
wound up or being dissolved or has ceased to carry on insurance
business in St. Vincent and consents to the registration of the
applicant under the name in question.
(2) The Registrar shall not register an applicant as an
insurance broker if the name under which the applicant desires to
be registered is likely to suggest that the applicant is an insurer.
-"- (3) The Registrar shall not register an insurance agent if
the name under which he desires to be registered is likely to
suggest that he is an insurer or an insurance broker.
(4) A registered insurer, insurance broker or insurance
agent shall .not change the name under which he is registered
without the prior written permission of the Registrar.

Policies to be 68. No registered insurer shall after one year from the date
printed or typed on which this Act comes into operation issue a local policy the
in clearly legible the provisions of which, whatever their nature, are not printed
letters, or typed in clearly legible letters.

Policy not 69. A policy i"sued by any person, whether before, on or after
invalid owing to the date on which this-Act comes into operation, shall not be
failure to comply invalid merely because that person contravened the provisions
with law of any enactment for the time being in force applying to that
policy,
40











No, 10. Insurance Act. 1970.


70. (1) A person may, subject to the payment of any fee
which may be prescribed-
(a) inspect; or
(b) inspect and make a copy of, any document furnished Inspection of
by a registered insurer to the Registrar under the documents.
provisions of this Act or of any order or regulations
made thereunder.
(2) The Registrar shall, without charge, furnish at the
request of any person the name of the principal representative in
St. Vincent of a registered insurer and the address of the principal
office in St. Vincent as a registered insurer notified to him In
accordance with the provisions of Part I.

71. The directors of a company which is a registered insurer Borrowing
may exercise all the borrowing powers of the company; but at no powers of
time shall the undischarged amount of monies borrowed or directors.
secured by the director exceed such percentage of the assets of
the company for the time being issued as may from time to time
be prescribed.
72. A company which is a registered insurer shall not, after Prohibitiona
the 4ate on which this Act comes into operation, directly or relating
indirectly- to loans.
(a) acquire or deal in its own shares or lend money or
make advances on the security or its own shares;
(b) lend any of its funds to a director or officer of the
company or to the wife or a child of a director or
officer except on the security of the company's own
policies or some other adequate security;
(c) lend any of its funds to a company if more than
one-half of the charges of the company are owned
by a director or officer of the company or the wife
or a child of a director or officer, or by any combina-
tion of such persons;
(d) grant unsecured credit facilities to any person;
(e) enter into any guarantee or provide any security in
connection with a loan by any other person to any
such person or company as is mentioned in paragraph
(b) or (c) of this section.
73. Every policy issued in Saint Vincent or to a person Jurisdiction of
resident in Saint Vincent through a person or office in St. Vincent local courts.
shall be governed by the laws of Saint Vincent and shall be
subject to the jurisdiction of the courts of St. Vincent notwith-
standing any provision to the contrary in the policy or in any
agreement relating to the policy.












No. 10. Insurance Act. 1970.


Service
of process
upon registered
insurers.


Persons acting
on behalf of
unregistered
insurers.


74. (1) Process in any legal proceedings upon a registered
insurer, who is not an association of underwriters, may be served
at the principal office of the insurer in St. Vincent.
(2) If the principal office in St. Vincent of a registered
insurer, who is not an association of underwriters, has ceased to
exist, process in any legal proceedings upon the insurer may be
served at the office of the Registrar.
(3) Service of process upon the Registrar, in accordance
with the provisions of subsection (2) shall be deemed to be service
upon the insurer.

75. Anyone who caused a person to enter into or to make
application to enter into a contract of insurance with a person
who is not a registered insurer is guilty of an offence under this
Act.


False 76. If a person issues a document referred to in this Act
statements which is false or misleading in any material respect, that person
etc. and every other person who took part in the preparation or issue
of the document'or who signed it is guilty of an offence, unless it
is proved that the accused, if an individual, or all the persons
who acted on behalf of the accused, if not an individual, had no
knowledge of the falsity or misleading character of the document
when it was issued and had taken every reasonable precaution to
ensure its accuracy.

Offence 77. A person who contravenes any provisions of this Act or
fails or neglects to comply with any provision of this Act with
which it is his duty to comply is guilty of an offence under this
Act.

Penalty. 78. Any person who is guilty of an offence under this Act
shall be liable on summary conviction thereof, if the offender
is an individual, to a fine not exceding two thousand five hundred
dollars or to imprisonment for a period not exceeding six months,
or if the offender is not an individual, to a fine not exceeding five
thousand dollars.


Adaptation and
modification of
any other
enactments.


79. The Minister may from time to time by Order published
in the Gazette make such adaptations and modifications to the
Companies Act and any law amending or replacing the same or
to any other enactment for the time being in force as appears to
him to be necessary or expedient by reason of anything contained
in this Act.


No. 10.


Insurance Act.


1970.













No. 10. Insurance Act. 1970.


80. This Act shall come into operation on such day as the Commeneement.
Governor may appoint by Proclamation published in the Gazette
and different days may be appointed for different provisions of
this Act.'



Passed in the House of Assembly this 12th day of March, 1970.

0. S. BARROW,
Clerk of the House of Assembly.




PRINTED BY THE GOVERNMENT PRINTER AT THE GOVERNMENT PRINTING OFPIOE,
KINGSTOWN, ST. VINCENT.
1970. [ Price $ 1.08.]




University of Florida Home Page
© 2004 - 2010 University of Florida George A. Smathers Libraries.
All rights reserved.

Acceptable Use, Copyright, and Disclaimer Statement
Last updated October 10, 2010 - - mvs