Fit and proper

(1) For the purposes of this Act, and subject to sub- section (2), whether a natural person is a fit and proper person shall be determined by the Supervisor, and in making such determination, the Supervisor shall make such investigations and inquiries as necessary and shall consider– (a) the probity of the person; (b) the background, experience, integrity, competence and soundness of judgment of the person; (c) the diligence with which the person is fulfilling or is likely to fulfill the responsibilities of the position in question; (d) whether the interest of policyholders or potential policyholders of the insurer are, or are likely to be, in any way threatened by the person holding a particular position; and 28 (e) any other matter the Supervisor considers appropriate. (2) Without prejudice to the generality of sub-section (1), in determining whether a person is a fit and proper person, the Supervisor may have regard to the previous or existing conduct and activities in business of financial matters of the person in question, and, in particular, to any evidence that the person– (a) has had any judgment, including a consent judgment, made against him or any penalty or fine imposed upon him by any court or other competent judicial authority in any country in any matter involving fraud, deception, dishonesty or breach of trust; (b) engaged in any business practices appearing to the Supervisor to be deceitful, oppressive or otherwise improper, whether lawful or not, or which otherwise discredit his method of conducting business; (c) has an employment record which leads the Supervisor to believe that the person carried out an act of impropriety in the handling of his employer’s business; (d) engaged in or been associated with any other business practices or otherwise conducted himself in such a way as to cast doubt on his competence and soundness of judgment; or (e) has, in the opinion of the Supervisor, as a director or senior officer of a bank, financial institution, insurer or investment company participated in or contributed to decisions or other actions which seriously threatened the continued financial viability of the bank, 29 financial institution, insurer or investment (3) In determining whether a company is a fit and proper person the Supervisor shall have regard to, but not limited by, the following– (a) whether the directors of the company are fit and proper under sub-sections (1) and (2); (b) whether the company has been found guilty of insider trading or fraud involving trading in securities by a local or foreign authority; (c) whether the company has been convicted of any offence under this Act; (d) whether in the opinion of the Supervisor the company has not carried on its business in a prudent manner; (e) whether in the opinion of the Supervisor the company is insolvent or is likely to become insolvent; (f) whether the company has suspended or is about to suspend payment in respect of, or is unable to meet its obligations, as they fall due; (g) whether in the opinion of the Supervisor the affairs of the company or any associated person are being conducted in a manner prejudicial to the soundness of the financial institution in question or the financial system of Belize; and (h) any other matter which the Supervisor may prescribe. 30