December 2, 2022

In relation to the captioned, please be advised of the following:

Insurance Companies

Pursuant to section 189 (2) of the Insurance Act, Cap 306 of the Laws of St. Vincent and the Grenadines, Revised Edition, 2009 (‘the Act”), a licence fee must be paid at registration and subsequently in the month of January in each year for the continuance of registration. Where the licence fee for continuance of the registration is being paid after the last day of January, a sum equal to five percent of the licence fee for each month that the fee is unpaid after that date, shall be paid in addition to the relevant licence fee.

Insurance Intermediaries

Pursuant to section 80 (1,) a Certificate shall be issued on registration as an insurance intermediary (i.e. insurance adjuster, insurance agent, insurance broker or sales representative).

According to 80(2) of the Act, a Certificate shall be valid for a period not exceeding one year as stated on the Certificate, and is renewable before the expiry of the original Certificate. (Please note that all intermediaries Certificates expire on December 31 each year).

Where a person seeks to renew a Certificate or seeks a new Certificate after the expiry of the original Certificate, the applicant shall pay an additional registration fee of five percent of the original registration fee for each month or part of a month after the expiry of the original Certificate.

Payment of Fees

Be further advised that all fees must be paid at the office of the Financial Services Authority, situated on the 2^nd Floor, Bank of St. Vincent and the Grenadines, Granby Street, Kingstown.

In the case of cheques, these shall be made payable to the Accountant General. Please also note that the processing of cheques/cash closes at 2:00pm daily.

Financial Services Authority
December 2, 2022