Conditions for grant of licence

(1) Where the Supervisor, after appropriate inquiry or by the production of documentary evidence, or both, is satisfied in respect of the applicant association of underwriters that– (a) the relevant requirements of this Part have been complied with; (b) the association is likely to be able to comply with such of the provisions of this Act as would be applicable to it; (ba) each member of the committee or governing body of the applicant is fit and proper; (c) adequate and appropriate reinsurance arrangements are in place for each class of insurance business which the association is licensed to carry on in Belize; and (d) an of constituted outside the country– (i) it has made or caused to be made with the Supervisor the deposit required by (ii) there are one or more persons resident in Belize who are authorised to accept on behalf of the members of the association service of process in any legal proceedings, being persons authorised for that purpose by the association; and (iii) all premiums received by each member of an association of underwriters are held in trust in the names of trustees for 109 the payment of underwriting liabilities attached thereto of each member and the expenses of its insurance business, the Supervisor shall, either unconditionally or subject to such conditions as he may specify, license the association of underwriters and notify the applicant accordingly. (2) Where the Supervisor is not satisfied, in respect of the applicant association of underwriters, as to one or more of the conditions set out in sub-section (1), he shall notify the association of under writers in writing that he proposes to refuse to license it, giving his reasons for so doing and shall notify it of its right, under section 174, to request the Supervisor to refer his proposal for review by the Minister.