Part V of the Insurance Act 2009 outlines the obligations and the requirements for the registration of an Insurance Intermediary.

Insurance Broker application requirements

For the registration of an insurance broker in St. Kitts-Nevis, the following are required:-

• Completed application form
• Certificate of Incorporation
• Certificate of Good Standing
• Proof of address for entity
• Proof of address for Directors and Senior Managers
• Two (2) Certified copies of identification documents for each Directorand Senior Manager
• (1) Professional and (1) Banking Reference foreach Director and Senior Manager
• Police Certificate for Directors and Senior Managers
• C.V. for Directors and Senior Managers
• Non-refundable application fee of Eastern Caribbean One Thousand Five Hundred Dollars (EC$1,500).

Only applications submitted by an entity incorporated under the laws of Saint Christopher and Nevis and operating within the Federation will be accepted.

Qualifications and Experience

The FSRC may register an applicant having regard to the competence of the person or persons managing it and employed as staff, who must be capable of carrying on efficiently the business for which the application is made.

Applications for a licencemay be approved only if the FSRC is satisfied that the applicant and full-time member(s) of Senior Management havethe following professional qualifications and/or experience:-

• Certified Life Insurance Underwriter or equivalent and not less than 5 years experience with an acceptable Life Insurance company; or
• at least 10 years experience with an acceptable Life Insurance company, including not less than 3 years in a management position.

• Association of Chartered Insurance Institute or equivalent and not less than 3 years experience in a management or senior technical position with an acceptable General Insurance company, agency or broker; or
• at least 7 years experience in a senior technical position with an acceptable General Insurance company, agency or broker.

Restrictions on relationships

The Insurance Act 2009 of St. Kitts-Nevis clearly outlines the following:

Section 90 (2);
A director or officer of a company carrying on business as an insurance broker shall not be registered as a sales representative or as an insurance agent, or be a director of a registered insurance company or of a company carrying on as an insurance agent or insurance adjuster.

Section 90 (3);
A director, officer or employee of a registered insurance company shall not be registered as insurance broker, or be a director of a company carrying on the business of an insurance broker.

Section 90 (4);
A person registered to carry on business as a sales representative or an insurance agent shall not be registered to carry on business as an insurance broker or as an insurance adjuster.

Section 90 (5);
A person registered to carry on business as an insurance broker shall not be registered to carry on business as sales representative or as an insurance agent.

Section 90 (6);
A director of a company carrying on business as an insurance adjuster shall not be registered as a sales representative, an insurance agent or an insurance broker.

Section 90 (7);
A person shall not be registered as an insurance broker if the name under which the applicant desires to be registered is likely to suggest that the applicant is an insurance company.

Professional Indemnity - Every registered broker must maintain professional indemnity cover of not less than EC$500,000. This cover must be placed through a locally registered insurer.