Licensing of Associations of underwriters

(1) Subject to sub-section (3), no association of under writers shall carry on insurance business in Belize unless it is licensed in accordance with this Part. (2) A member of an association of underwriters which has been licensed in accordance with this Part may, after the date of such licensing, carry on in Belize insurance business other than long-term insurance business. (3) An association of underwriters which was registered by the Supervisor to carry on insurance business in Belize before the commencement of this Act shall be deemed to be licensed under this Act. 107