Licences fees

(1) In accordance with regulations made under section 178 (1)(c), prescribing fees to be paid, there shall be paid to the Financial Secretary, by every company or association of underwriters carrying on insurance business in Belize or acting in Belize as an agent of an insurance company or an association of underwriters or insurance intermediary, application, annual and any other fees prescribed and on the basis or rate indicated. (2) Within four (4) months of the close of its financial year, every company, association of underwriters, or relevant intermediary liable to pay a fee under this section which is based on premium income shall submit to the Supervisor of Insurance a true and full certified statement of the gross premiums received in respect of the business transacted in Belize during the previous year. The party submitting the statement shall furnish such other relevant particulars or information as the 176 Supervisor may in writing call for and shall permit the Supervisor or his representative to inspect the books, accounts or any document for the purpose of verifying the statement submitted if so required. (3) At the time of submitting the statement, the insurance company, the association of underwriters or intermediary submitting the statement shall pay to the Financial Secretary the sum payable on the basis of the statement and according to sub- section (1). The payment so made shall be provisional only and shall be received by the Financial Secretary as such. (4) The Supervisor may after examining the statement refuse to accept it as being a full and true statement of the gross premiums received in respect of the business transacted during the previous year and require the party concerned to offer such explanations as he may require. (5) If the Supervisor accepts the statement as accurate he shall in writing notify the party concerned. (6) Any company, association of underwriters or relevant intermediary liable to pay a fee under this section which is based on premium income who fails to submit a statement and make payment as required by sub-sections (2) and (3), shall be liable to pay to the Financial Secretary in addition to the appropriate fee payable under this section a penalty equal to such fee. (7) Any company, association of underwriters, or relevant intermediary liable to pay a fee under this section which is based on premium income who carries on insurance business without having submitted a statement and made payment as required by sub-sections (2) and (3), commits an offence and is liable on summary conviction to a fine of five hundred dollars for every day on which the business is carried on.