Payment of money in local currency

Subject to the Exchange Control Regulations Act– (a) where any policy is issued after the 31st day of December, 2004, in respect of which the premiums are payable or paid in Belize, such premiums shall be payable or paid, as the case may be, and any sums payable or paid upon the maturity of such policy shall be payable or paid in the currency of Belize unless the parties have, at or subsequent to the issue of the policy, expressly otherwise agreed in writing; (b) where the parties to a policy have agreed that the premiums shall be payable or paid, as the case may be, or that any sums payable or paid upon the maturity of such policy shall be payable or paid, as the case may be, in some currency other than the currency of Belize, that fact and the currency adopted shall be stated in or endorsed on the policy in distinct terms and in printed or typed letters no smaller than, and as legible as, the letters of the other provisions of the policy.