Application

(1) This Act shall apply to all insurers and insurance intermediaries whether established within or outside Belize which carry on or conduct or transact in Belize any class of insurance business specified in Schedule I to this Act; and Part VI of this Act shall apply to all privately administered pension fund plans whether administered by insurers, individual trustees or by trust corporations. CAP. 250. Schedule I. (2) A company as defined by section 2 of the Companies Act, which carries on insurance business of a class specified in Schedule I in any part of the world other than in Belize shall, for the purposes of this Act, be deemed to be a company carrying on such business within Belize. (3) For the purposes of this Act, the reinsurance of liabilities under insurance policies shall be treated as insurance business of the class and type to which the policies would have belonged if they had been issued by the reinsurer and all the provisions of this Act shall apply to such reinsurance except that a company or an association of underwriters carrying on such reinsurance shall not be required to make in respect of such reinsurance any deposits as required by section 24 or 79. (4) No corporate insurance agent shall be permitted to represent another corporate insurance agent nor shall one insurer be the agent of another insurer. 33 (5) Except in relation to insurance-based or related products or activities this Act shall have no application toCAP. 300. CAP. 314. CAP. 310. CAP. 317. (a) any person or body of persons registered under the Trade Unions Act, the Credit Unions Act, the Building Societies Act, or the Friendly Societies Act; (b) any association of persons which may be declared by the Minister by notification published in the Gazette to be exempt from this Act.