Insurance and Pensions
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Domestic Insurance and Pensions
Insurance, and Pensions in St. Vincent and the Grenadines
St. Vincent and the Grenadines boasts a robust and diverse financial sector, encompassing a wide range of insurance providers, pension plans, and related financial services.
The Financial Services Authority (FSA) oversees and regulates these entities, ensuring stability and compliance within the industry.
Overview
The insurance landscape is particularly comprehensive, featuring both local and regional, including motor and general insurance providers, long-term insurance companies, insurance agents, brokers, and adjusters.
This diverse ecosystem caters to various insurance needs, from property and vehicle coverage to life and health insurance. Additionally, the country hosts a significant number of registered pension plans, reflecting a strong commitment to retirement security for employees across various sectors.
List of Insurance Companies, Intermediaries and Pension Fund Plans Operating in St. Vincent and the Grenadines
Registered Pension Plans
| Pension Plans | Pension Plans (Continued) |
|---|---|
| Central Water and Sewerage Authority Staff Pension Plan | St. Vincent Brewery Limited Pension Plan |
| RBTT Caribbean Pension Fund Plan | Bank of St. Vincent & the Grenadines Staff Pension Plan |
| British American Insurance Company Limited Employees’ Pension Plan | St. Vincent & the Grenadines Port Authority Pension Fund Plan |
| Eastern Caribbean Flour Mills Limited Defined Contribution Pension Plan | Haydock Insurance Ltd. Pension Fund Plan |
| First Caribbean International Bank Limited Retirement Plan | Colonial Life Insurance Company (T’dad) Ltd. For Employees in Barbados and EC Territories Pension Plan |
| SOL Investment & Associated & Related Corporation Defined Contribution Plan | The Mustique Company Ltd. Pension Plan |
| C. K Greaves & Co. Ltd. Pension Plan | The St. Vincent Co-operative Bank Pension Plan |
| St. Vincent Union of Teachers Supplemental Benefit Plan | St. Vincent Electricity Services Ltd Pension Plan |
| Cable & Wireless International Retirement Benefit Plan | Courts St. Vincent Ltd |
| Goddard Enterprise Limited (GEL) (St. Lucia) Defined Contribution Pension Plan | Frank B. Armstrong (St. Vincent) Ltd |
| St. Vincent Distillers Limited | St. Vincent & The Grenadines Postal Corporation |
| NTRC’s Defined Contribution Pension Plan | National Lotteries Authority Pension Plan |
| General and Maritime Agencies Ltd. Pension Plan | Royal Fidelity Caribbean Pension Plan |
| St. Vincent Building and Loan Association | Digicel St. Vincent Ltd Pension Plan |
| Edwin D. Laye & Sons Ltd Pension Plan | Republic Bank (EC) Limited Pension Plan |
| BDO Eastern Caribbean Pension Plan | KOSCAB St. Vincent & the Grenadines Ltd. Defined Contribution Pension Plan |
| St. Vincent & the Grenadines Community College Pension Plan | Colonial Life Insurance Company (T’dad) Ltd for Agents in Barbados and EC Territories Pension Plan |
Motor & General Insurance Companies
| Insurance Company |
|---|
| Caribbean Alliance Insurance Co. Ltd |
| CG United Insurance Limited – formerly Massy United Insurance Ltd |
| Consumer’s Guarantee Insurance Company Ltd. (“CGI”) – formerly Sun General Insurance Inc. |
| GK Insurance Eastern Caribbean Limited |
| GTM Fire Insurance Company Limited |
| Guardian General Insurance Limited |
| Gulf Insurance Limited |
| Island Heritage Insurance Company Ltd. |
| M & C General Insurance Company Ltd. |
| Metrocint General Insurance Company Ltd. |
| St. Hill Insurance Company Limited |
| St. Vincent Insurances Ltd. |
| The Beacon Insurance Company Limited |
| West Indian Insurances Ltd. T/A Sentry |
Long Term Insurance Companies
| Insurance Company |
|---|
| CUNA Caribbean Insurance OECS Ltd |
| Demerara Mutual Life Assurance Society |
| GK Life Insurance Eastern Caribbean Limited |
| GTM Life Insurance Company Limited |
| Guardian Life of the Caribbean Limited |
| Pan American Life Insurance Company of the Eastern Caribbean Ltd. |
| Sagicor Life (Eastern Caribbean) Inc. |
Insurance Agents
| Agent | Insurance Company Represented |
|---|---|
| Metrolife Agency Inc. | Pan-American Life Insurance Company of the Eastern Caribbean Ltd. |
| Barnard’s 1999 Limited | CG United Insurance Limited - formerly Massy United Insurance Ltd. |
| United Agencies Ltd. | CG United Insurance Limited - formerly Massy United Insurance Ltd. |
| Grenadines Associates Ltd. | St. Vincent Insurances Ltd. |
| Coreas Hazells Inc. | M & C General Insurance Company Ltd. |
| Incorporated Agencies Ltd. | Sagicor Life (Eastern Caribbean) Inc. |
| S.V. Browne Agency Ltd. | Sagicor Life (Eastern Caribbean) Inc. |
| KPK Jacobs Limited | Sagicor Life (Eastern Caribbean) Inc. |
| Republic Bank (EC) Limited | Island Heritage Insurance Company Ltd. |
| Republic Bank (EC) Limited | GK Life Insurance Eastern Caribbean Limited |
| BMC Agencies Ltd. | The Beacon Insurance Company Limited |
| St. Vincent Building and Loan Association | Guardian Life of the Caribbean Limited |
| St. Vincent Building and Loan Association | Guardian General Insurance Limited |
| W.A.D Agencies Ltd. | Guardian General Insurance Limited |
| Priority Insurance Ltd. | GK Insurance Eastern Caribbean Ltd. |
Insurance Brokers
| Insurance Broker |
|---|
| The Insurance Brokers Limited |
| Mustique Insurance Brokers Limited |
| Gallagher Insurance Brokers (St. Vincent) Ltd |
| Adams Insurance Brokers St. Vincent Ltd |
| Risk Consultant and Insurance Brokers Ltd |
| Lynch Caribbean Brokers (St. Vincent) Ltd |
| A.M. Insurance Brokers Limited |
Association of Underwriters
| Association |
|---|
| Lloyd’s of London |
Insurance Adjusters
| Adjuster |
|---|
| Brent M. Phillip |
| The Island Claims Consultancy Associates Inc |
International Insurance Companies
| Company | Class |
|---|---|
| Pavilion Life Insurance Company | Class II |
| Rochester Indemnity Insurance Company Ltd | Class II |
International Insurance Intermediaries
| Intermediary | Type |
|---|---|
| John Barnard (Manager for: Pavilion Life Insurance Company) | Insurance Manager |
| LFV International Aviation Brokers Limited | Insurance Broker |
Fees Payable to the FSA
Insurance Application, Annual License and Other Fees (XCD)
| Fee Type | Long-Term Insurance Business | General Insurance Business | Long-Term & General Insurance Business |
|---|---|---|---|
| Application Fee | $1,500 | $1,500 | $1,500 |
| Annual License Fee | $5,000 | $5,000 | $5,000 |
| Inspection of Document Fee | $50 | $50 | $50 |
Insurance Intermediaries Application, Annual License and Other Fees (XCD)
| Category of Intermediary | Application Fee | Annual License Fee | Reinstatement Fee | Inspection of Document Fee |
|---|---|---|---|---|
| Insurance Brokers | $1,500 | $1,000 | $1,500 | $50 |
| Insurance Agents | $1,500 | $750 | $1,500 | $50 |
| Insurance Adjuster | $1,500 | $750 | $1,500 | $50 |
| Sales Representatives | $100 | $100 | $1,500 | $50 |