← belizelaw.ai · The Laws of Belize
Insurance
Cap. 251 · Revised Edition 2020 · 219 sections
- s. 1Short title
- s. 2Interpretation
- s. 2AFit and proper
- s. 2BControlling interest
- s. 2CSubstantial investment
- s. 3Application
- s. 4Supervisor of Insurance
- s. 5Appointment of independent arbitrator
- s. 6Maintenance of Register
- s. 7Annual report
- s. 7AAcquisition and holding of shares
- s. 7BTransfer of substantial investment
- s. 7CDuties of insurer and insurance intermediary, share issue and transfer
- s. 7DApplication for approval
- s. 7EDetermination of application
- s. 7FDivestment directive
- s. 7GAppeal of divestment directive
- s. 7HEnforcement
- s. 7IDisclosure of shareholders, beneficial owners and agreements
- s. 7JRequirement for financial holding company
- s. 7KException, overseas controlling interest
- s. 7LRestriction on activities of financial holding company
- s. 7MApplication for registration
- s. 7NControl by bank
- s. 7ORegister of financial holding companies
- s. 8Bodies qualified to carry out insurance business
- s. 9Licensed companies to carry out insurance business
- s. 10Application of section 9 to existing business
- s. 11Share capital and deposit required for licensing
- s. 12Application for licence
- s. 13Conditions for grant of licence
- s. 14Certificate of licence
- s. 15Notification of changes in particulars in application
- s. 16Grounds for cancellation or suspension of licence
- s. 17Failure of review
- s. 18Summary cancellation of licence
- s. 19Effect of cancellation
- s. 20Modification of effect of cancellation
- s. 21Display of licence certificate
- s. 22Supervisor’s discretion to prohibit new policies
- s. 23Prohibition of placing property, etc., to unlicensed companies
- s. 24Amount and form of deposit by companies
- s. 25Further provisions relating to deposits
- s. 26Establishment of statutory funds
- s. 27Method of trusteeing
- s. 28Duties of trustee
- s. 29Investment of statutory funds
- s. 30Companies statement to Supervisor
- s. 31Consideration of statement of companies
- s. 32Company to comply with Supervisor’s directives
- s. 33Seeking views against Supervisor’s Order
- s. 34Assets of companies
- s. 35Securities for investment
- s. 36Minimum assets to be invested in Belize
- s. 37Prohibition on loans
- s. 37AMinimum number of directors
- s. 37BDuties of directors and officers
- s. 37CLimits on directors and officers
- s. 37DCommittees
- s. 37EDelegation of directors’ duties
- s. 37FMeetings of directors
- s. 37GConflicts of interest
- s. 37HFalse statements and obstructions
- s. 38Appointment of Directors, etc
- s. 38ARepealed
- s. 39Maintenance of principal office etc., in Belize
- s. 40Preparation of annual accounts, etc
- s. 41Periodic investigations of companies on long term business
- s. 42Maintenance of documents at head office, etc
- s. 43Provisions for information to Supervisor
- s. 44Maintenance of separate insurance business records
- s. 45Group accounts
- s. 46Appreciation and depreciation of assets
- s. 47Professional valuation of real property
- s. 48Annual audit of companies accounts
- s. 49Appointment and qualification of auditors
- s. 49AAuditor’s right to information
- s. 49BDuties of auditors
- s. 49CRemovals and registration of auditors
- s. 49DAuditor’s protection from liability
- s. 50Margin of solvency
- s. 51Computation of assets and liabilities for solvency determination
- s. 52Powers of Supervisor to request information
- s. 53Powers of Supervisor to intervene
- s. 54Written notification of grounds for intervention
- s. 55Requirements of insurer on intervention
- s. 56Application for judicial management
- s. 57Order for judicial management
- s. 58Management by judicial manager
- s. 59Decision of Court on report of judicial manager
- s. 60Confirmation of Court of scheme of transfer
- s. 61Cancellation of contracts or agreement by Court
- s. 62Indemnity of Judicial Manager
- s. 63Application for cancellation of order of Court
- s. 64Order of winding up by Court
- s. 65Procedure on winding-up
- s. 66Valuation of liabilities under policies
- s. 67Treatment of assets and liabilities of insurance fund
- s. 68Diminution of insurance fund
- s. 69Application of deposits
- s. 70Winding-up scheme
- s. 71Licensing of Associations of underwriters
- s. 72Application for licence
- s. 73Conditions for grant of licence
- s. 74Furnishing of documents and information to the Supervisor
- s. 75Grounds for cancellation or suspension of licence
- s. 76Implementation of proposal to refuse licence, etc
- s. 77Prohibition to licence holder to write new businesses
- s. 78Policies issued before rejection of application for licence, etc
- s. 79Deposits by associations of underwriters
- s. 80Licensing of insurance agents, etc
- s. 81Application for licence
- s. 82General restrictions on licensing
- s. 83Certificate of licence
- s. 84Certificate of licence and intermediary card
- s. 85Right of appeal against grounds for cancellation, etc
- s. 86Implementation of proposal to refuse to licence, etc
- s. 87Summary cancellation of licence
- s. 88Information to be supplied to Supervisor
- s. 89Production of certificate of licence
- s. 90Agency
- s. 91Fraudulent representation
- s. 92Liability for unlawful contracts
- s. 93Advertisement
- s. 94Paying over of premiums to insurer
- s. 95Compensation for placing or negotiating insurance
- s. 96Prohibition of payment of premium other than on agreed policy
- s. 97Application of sections 95 and 96
- s. 98Making returns to Supervisor
- s. 99Keeping of records by licensed brokers
- s. 100Appointment of actuary for long term-insurers
- s. 100AAppointment and
- s. 100BActuary’s right to information
- s. 100CDuties of actuaries
- s. 100DRemoval and resignation of actuaries
- s. 101Frequency of actuarial reports on long term insurers
- s. 102Premium rates
- s. 103Commissions and reductions of premiums
- s. 104Approval of proposal and policy forms by Supervisor
- s. 105Notice of proof of age
- s. 106Procedure where company declines to accept proof of age
- s. 107Mis-statement of age and non- avoidance of policy
- s. 108State of health of insured
- s. 109Minors
- s. 110Insurable interest
- s. 111Designation of beneficiary
- s. 112Irrevocable designation of beneficiaries
- s. 113Effect of will on policy designation
- s. 114Appointment, etc., of trustee for beneficiary
- s. 115Death of beneficiary before policy holder
- s. 116Enforcement of payments by beneficiary and trustee
- s. 117Insured’s estate, exclude designated policy proceeds
- s. 118Rights of policy holder on beneficiary irrevocably designated
- s. 119Living policy holder’s entitlement for dividend or bonuses, etc
- s. 120Assignee’s priority of interest
- s. 121Right of group life insured to enforce contract
- s. 122Protection of interest of insured
- s. 123Paid-up policies
- s. 124Surrender of policies
- s. 125Relaxation of obligation on surrender value
- s. 126Non-forfeiture of ordinary policies
- s. 127Suicide, capital punishment and war risks
- s. 128Treatment of debts on grant of paid up policies
- s. 129Payment without probate, etc
- s. 130Death of holder of policy not being life insured
- s. 131Liability of companies on application of moneys
- s. 132Unclaimed moneys
- s. 133Further provisions on unclaimed moneys
- s. 134Power to pay money into court
- s. 135Objection to policies
- s. 136Return of industrial policies, etc., after inspection
- s. 137Falsification
- s. 138Avoidance of policy by reasons of particulars in proposals
- s. 139Particulars to be set out in policies
- s. 140Issue of premium receipt book
- s. 141Payments under industrial policies
- s. 142Non-forfeiture of industrial policies
- s. 143Prior approval of pensions, etc
- s. 144Application of this Part
- s. 145Computation of reserved liability
- s. 146Dividend not to impair capital
- s. 147Contravention
- s. 148Annual appropriation for surplus
- s. 149Disclosure of pro-rata condition of average
- s. 150Additional reserves for motor-vehicle insurance
- s. 151Notice of expiration, etc., of cover notes and policies
- s. 152Issue of policies
- s. 153Jurisdiction of local courts on motor-vehicle insurance policies
- s. 154Jurisdiction of local courts on other classes of insurance policies
- s. 155Payment of money in local currency
- s. 156Issue of capital by companies
- s. 157Publication of authorised, subscribed and paid-up capital
- s. 158Voting by post
- s. 159Mutualisation
- s. 160Forwarding of insurance policy documents
- s. 161Issue and registration of policies
- s. 162Lost policy
- s. 163Issue and inspection of documents
- s. 164Documents to be received in evidence
- s. 165Authority to sign documents
- s. 166Printing of documents
- s. 167Service of notices
- s. 168Validity of policies of defiant companies
- s. 169Power to collect statistics
- s. 170Transfer of amalgamation
- s. 171Scheme of transfer or amalgamation
- s. 172Approval of scheme by Supervisor
- s. 173Returns on transfer or amalgamation
- s. 174Power of Minister to review decisions of Supervisor
- s. 175Gazetting of licences, etc
- s. 176Restrictions on use of insurance terms
- s. 177Extension of limits
- s. 178Regulations
- s. 179Exemptions
- s. 180Licences fees
- s. 181Fees recoverable as civil debt
- s. 182Offences
- s. 183Penalties
- s. 184Repeal and savings