Basseterre, St. Kitts – Nevis
March 25, 2009 (CUOPM)
The Captive Insurance Companies Act is to be amended.
Minister of Finance, Dr. the Hon. Timothy Harris will seek parliamentary approval to replace the definition of the expression “controlled unaffiliated business” with one that clarifies that a pure or group captive insurance company would be permitted to insure any business whose risk it manages or any business with which it or an affiliate has a contractual relationship, without limitation as to the percentage of overall risk insured by the captive.
Clause 4 of the Bill seeks to amend section 19 of the Captive Insurance Companies Act in order to extend the reporting deadline for small captive insurance companies from March 1 to June 30.
This Clause also seeks to give the Registrar the authority to grant extensions for the submission of financial reports in special cases, in any particular year.