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Regulatory Authority Issues Directives for Insurance Businesses

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The Regulatory Authority has issued new directives aimed at ensuring the effective supervision of insurance businesses operating in St Helena.

Requirements for Licence Applications

According to the directive, applicants seeking a licence to operate an insurance business in St Helena must demonstrate that they have no close links with another person that could compromise the Authority’s ability to supervise them effectively. The Authority must determine each application within six months of receipt or, if additional information is required, within six months of compliance.

Circumstances for Licence Granting, Refusal, and Revocation

A licence may be granted without conditions, subject to conditions, or refused if the applicant fails to meet the requirements. The Authority has also outlined the grounds for revoking a licence, including:

  • Material breach of any provision of the Money Laundering Ordinance 2008 or any directive issued under that ordinance.

Review Procedures

The Regulatory Authority has established procedures for reviewing decisions made by the Authority. Any person aggrieved by a decision can seek a review and request reconsideration of the decision in light of new information.

Key Highlights

  • Applicants must demonstrate no close links with another person that could compromise supervision.
  • Licence applications must be determined within six months or compliance.
  • Licences can be granted without conditions, subject to conditions, or refused if requirements not met.
  • Grounds for revoking a licence include material breach of Money Laundering Ordinance 2008.
  • Review procedures established for decisions made by the Regulatory Authority.

Contact

For more information on the directives and application processes, please contact the Regulatory Authority at [insert contact details]. The full text of the directives is available on the Regulatory Authority’s website.