Amount and form of deposit by companies

(1) A company shall not be licensed under this Act to carry on, and may not carry on, any class of insurance business unless it has deposited with the Supervisor a sum equal to fifteen per cent of the premium income net of reinsurance premiums of the company earned from all insurance business carried on in Belize during the financial year last preceding the date of deposit. (2) Subject to sub-section (4), at the end of each subsequent financial year a company, having made a deposit as required by sub-section (1) shall, where necessary, deposit or be refunded, as the case may be, an amount equal to the difference between the last preceding deposit and fifteen per centum of the net premium income during such financial year. (3) Notwithstanding sub-section (1), the minimum amount to be deposited with the Supervisor under this section shall be as follows– (a) in the case of a company incorporated under the Companies Act - one hundred thousand dollars; (b) in the case of any other company – three hundred thousand dollars. 61 (4) Any deposit made under this section may be either in the form of approved securities or partly in cash and partly in approved securities. A letter of Undertaking issued by an acceptable and licensed financial institution in Belize holding such securities or deposit to the order of the Supervisor may be in the form set out in Schedule IV. Schedule IV. (5) The amounts of the deposit payable under this section may, from time to time, be varied by the Minister by Order published in the Gazette. Schedule II.