Minimum assets to be invested in Belize

(1) Every company shall have invested in assets in Belize, an amount equal to at least eighty percent of the Belize dollar liability in each statutory fund. (2) For the purpose of sub-section (1), assets not exceeding ten per cent of the value of each statutory fund shall be deemed to be assets in Belize where the assets are approved by the Supervisor in writing. 67 (3) Where a company establishes and maintains a statutory fund in respect of long-term insurance business for the purpose of determining whether the company is complying with sub- section (1), policy loans shall be excluded from the assets and deducted from the liabilities of the company. (4) For the purpose of this section “assets in Belize” means assets which– (a) originate in Belize; (b) are denominated in Belize dollars; (c) are physically held in Belize. loans.