Insurance in Saint Kitts and Nevis

The Social Security Fund is the statutory Insurance Fund established under the Social Security Act, Cap. 22.10. It has operated since 1 February 1978 and covers employees, self-employed people and voluntary contributors. Regular contributions generally apply from age 16 through age 62. An employee contribution is 5% of wages, the employer contributes 5%, and employment injury protection adds 1%, producing a reported combined rate of 11%. Contributions for people below 16 or above 62 are reported at 1%. Voluntary insurance uses a 5% contribution rate and generally requires at least 104 contribution weeks for access. The Social Security Board registers contributors and handles applications through its head office on Saint Kitts and its Nevis branch. Claim forms are available online without a fee. Benefits include age, invalidity, survivors, sickness, maternity, employment injury, funeral and assistance or non-contributory old-age pension payments. Sickness Benefit is not payable for an incapacity of three days or fewer; where incapacity lasts at least four days, payment starts from the first day. A rejected claim can be appealed. Private insurance is regulated under the Insurance Act, Cap. 21.11. The Financial Services Regulatory Commission, including its Saint Kitts branch, supervises the Federation's insurance market. The Nevis Financial Services Regulation and Supervision Department handles authorization, licensing and supervision for the Nevis side. Licensed insurance classes include liability, marine, aviation and transport, motor vehicle, pecuniary loss, personal accident, property, ordinary long-term or life insurance, industrial life insurance and annuities. Some insurers also offer medical or health policies. Examples appearing in public regulatory registers include Caribbean Alliance, The Beacon, Guardian General, Gulf, Island Heritage, NAGICO, National Caribbean, TDC, ICWI, CUNA, Pan-American Life, Sagicor Life and GK Life. Register entries can be old, so current authorization should be checked before signing a policy or paying a premium. A customer can arrange cover directly with a registered insurer or through a licensed intermediary. A broker independently seeks and negotiates insurance, while an agent acts for an insurer. A sales representative can receive applications and negotiate within the permitted role. Identity checks commonly require government photo identification, such as a passport, driver's licence, Social Security Card or National Identity Card, together with proof of address issued within the previous six months. A business applicant may also need a Business Licence. Check the local registration of both the insurer and intermediary before relying on an offer. Private claims follow the policy wording. The policy determines notice periods, required evidence, exclusions, deductibles and settlement conditions, so a late notice or missing document can affect the outcome. The Financial Services Regulatory Commission supervises financial and compliance conditions but is not a general public claims-settlement or ombuds service. The Insurance Appeals Tribunal hears appeals against decisions of the Registrar, normally within 21 days. For a third-party motor claim, the Motor Vehicles Insurance (Third-Party Risks) Act can require an insurer to meet a judgment within the covered liability. A delay after liability has been established may justify regulatory intervention, but it does not remove the need to follow the policy and legal process. Using a motor vehicle on a public road without third-party insurance or another accepted security is unlawful. The driver must carry a certificate of insurance or the required evidence of security. The reported maximum penalty under the 2002 revision is EC$1,500 or up to three months' imprisonment. The statutory minimum cover is reported as EC$5,000 per person or claim and EC$50,000 per accident. Confirm these amounts and any later amendments with the responsible authority before relying on them. The Accountant-General is identified as a responsible body for statutory motor security. Changing or renewing private cover follows the policy terms and the insurer's procedures. Life policies that have been in force for at least three years may provide a paid-up policy or surrender value when premiums stop, depending on the contract. Insurance intermediaries remain subject to registration and licensing requirements. Reported annual FSRC fees are EC$1,000 for a broker, agent or adjuster and EC$500 for a sales representative; a broker application is reported at EC$1,500 and requires professional indemnity cover of at least EC$500,000. These are regulatory fees and licensing requirements, not standard customer premiums. Customer premiums depend on the policy, risk, insured value, claims history and other underwriting factors, and no general tariff applies to all policies. The Rural Enterprise and Agriculture Programme, known as REAP, added a parametric insurance pathway on 17 March 2026 for registered farmers and fisherfolk. Lynch Caribbean Brokers and National Caribbean Insurance are identified in the programme information. The government covers the premiums at approximately EC$1,000,000 per year. Satellite or index triggers determine payment, which is expected in roughly two to three weeks after a qualifying trigger. This cover concerns crop, livestock and fisheries risks and does not replace ordinary property, liability, motor or life insurance.