Deposits by associations of underwriters

(1) Subject to this section, an association of underwriters which is constituted outside Belize may not be licensed under this Act to carry on and may not carry on any class of insurance business unless it has deposited with the Supervisor in cash or in prescribed securities or partly in cash and partly in prescribed securities an amount equal to fifteen per cent of the premium income of the association, net of reinsurance premiums paid, earned from all insurance business carried on in Belize, during the financial year last preceding the date of deposit subject to a minimum deposit of $300,000 being lodged. (2) The provisions contained in Schedule II shall have effect in relation to deposits made with the Supervisor pursuant to this Schedule II. 114