Conditions for grant of licence

(1) If the Supervisor, after appropriate inquiry, or by the production of documentary evidence, or both, is satisfied in respect of the applicant insurance company that– (a) the requirements of sections 8, 11 and 12, in so far as they are applicable, have been complied with; (b) the company is solvent under the provisions of (c) the company has made adequate and appropriate arrangements for the reinsurance of each class of insurance business which the company proposes to carry on in Belize; (d) the class of insurance business for which the application is made will be conducted by the applicant in accordance with sound insurance principles; 53 (e) the company is likely to be able to comply with such of the provisions of this Act as would be applicable to it; (f) in the case of a company which carries on, or proposes to carry on, some other form of business in addition to insurance business, the carrying on of both insurance business and that other business is not contrary to the public (g) the name of the company is not identical with or does not so closely resemble the name of an insurance company already licensed under this Act or under any other Act or legislation as to be likely to deceive; (h) the shareholders, directors, managing director or chief executive officer or principal representative of the company, as the case may be, and its executive officers are fit and proper persons to manage the affairs of the company; (i) the names and addresses of its directors, auditors and in the case of a company carrying on long-term insurance business, the name of the actuary or consulting actuary as the case may be, are stated in its application; and (j) being an overseas company, it– (i) is lawfully constituted in accordance with the laws of the country in which it is incorporated and has undertaken insurance business in that country for at least three years before the date of the application; and 54 (ii) has appointed some person resident in Belize to be its principal representative in Belize for the service of process and has informed the Supervisor in writing of the name and address of that person, the Supervisor shall, either unconditionally or subject to such conditions as he may specify, license the insurance company in respect of such class or classes of insurance business, and shall notify the applicant accordingly, and shall by notice publish the licensing in the Gazette. (2) If the Supervisor is not satisfied, as to one or more of the conditions set out in sub-section (1), he shall notify the insurance company in writing that he proposes to refuse to licence it or, as the case may be, that he proposes to refuse to licence it in respect of one or more of the classes of insurance business for which application is made, giving his reasons for so doing and shall notify it of its right under section 174, to request the Supervisor to refer his proposal for review by the Minister.