Issue and registration of policies

(1) Every policy in Belize existing at the commencement of this Act shall as at that commencement be registered by the company in the register kept at its registry in Belize. (2) Every policy in Belize issued by a company after the 31st day of December, 2004, shall immediately after issue be registered by the company in the register kept at its registry in (3) Unless otherwise agreed by the company and the policyholder, all moneys payable in respect of a policy shall be payable at the registry at which it is for the time being registered. (4) Any policy may, at the request in writing of the policy holder, and with the consent of the company, be transferred from a register outside Belize to a register in Belize or from a register in Belize to a register outside Belize. (5) All expenses incurred in connection with any transfer of a policy in pursuance of either sub-section (3) or (4) shall be borne by the policyholder.