State Insurance Company Limited

State Insurance Company Limited was established in 1977 mainly in response to the common concern for the extent of foreign exchange leakage created in a foreign-dominated sector. It was established with a capital sum of EC $100,000 loan by the Government and given the status of a Department of Government. The limitations of this form of organization were obvious, not the least being the lack of flexibility in decision making and the General Manager acting as Company sole being subject to all the benefits and lack of benefits of a corporate body. It is also reasonable to assume that as an independent body it could attract more business. Consequently, the State Insurance Company Limited Act, 1985, established the constitution and functions of State Insurance Company. State Insurance Company has attained high visibility not only as a result of the very impressive architectural and physical facilities within which it operates, but because of the contribution it has made and continues to make in the area of sports, culture, education and the arts. The Company also enjoys the cordial relationship and confidence it has built up with International Reinsurers worldwide.