Prohibition of placing property, etc., to unlicensed companies

(1) After the commencement of this Act, a licensed insurer or licensed intermediary shall not, except in the case of reinsurance and such classes of business as may be prescribed, place or cause to be placed with an insurer not licensed under this Act, insurance in respect of– (a) property situated in Belize; (b) liabilities arising in Belize; or (c) goods being imported into Belize. (2) A person who desires to enter into an insurance contract with an un-licensed insurer (except a contract relating to reinsurance), or to cause to be placed such a contract, shall apply 60 to the Supervisor for permission to do so and the Supervisor may grant such permission if he is satisfied that– (a) it is not possible to obtain similar protection from an insurer licensed under this Act; and (b) the applicant meets the prescribed (3) For the avoidance of doubt it is hereby declared that the Supervisor, by granting permission under sub-section (2), does not assume any liability towards the applicant in relation to the insurance contract concerned or its placement.