Application of section 9 to existing business

(1) Every company registered by the Supervisor to carry on insurance business in Belize immediately before the commencement of this Act, shall be deemed to have been licensed under this Act. Upon the coming into effect of this Act, no company which is not at that time already licensed to carry on both long-term and general insurance business or motor insurance business in Belize shall be licensed to write both long- term insurance business and general insurance business or motor insurance business in Belize. (2) The Supervisor shall, after giving 14 days written notice, impose an administrative penalty of five thousand dollars where a company contravenes sections 8, 9 or 10, but an appeal shall lie to the Court within thirty days of the imposition of such penalty. (3) Where after the imposition of a penalty in accordance with sub-section (2) the violation continues for three months, a company commits an offence and shall be liable on summary conviction to a fine of ten thousand dollars and to a penalty of one thousand dollars for each day on which the offence is continued after conviction.