General restrictions on licensing

(1) No person may be licensed under this Part to carry on business as an insurance broker, collector, agent or sub agent if he is115 (a) under the age of eighteen years in the case of a collector; (b) under the age of twenty-one years in the case of a broker, agent or sub-agent; (c) an undischarged bankrupt, unless he has been granted leave to carry on such business by the Court by which he was adjudged bankrupt; or (d) a person who has been found by a Court of competent jurisdiction to be of unsound mind. (2) No person may be licensed under this Part as an agent, sub-agent, or collector of an insurer unless that insurer is licensed under Part II or Part III or is exempted from licensing thereunder. (3) No person may be licensed under this Part as a sub-agent of another person unless that other person is licensed under this Part as an agent or is exempted from licensing thereunder. (4) No person may be licensed under this Part as a collector, unless the insurer or agent by whom he is so employed or engaged is licensed under Part II or Part III, as the case may be, or is exempted from licensing thereunder. (5) No person or entity may be licensed as an insurance broker unless that person or entity is established and registered as a corporate entity under the Companies Act, and has a fully paid up share capital of one hundred thousand dollars ($100,000). CAP. 250. (6) No broker shall place business with an insurer in Belize unless the insurer with which such business is placed is licensed in Belize as an insurer under Parts II or III. 116 (7) No broker or corporate agent shall be licensed under this Part in a name which differs from that in which such broker or corporate agent is registered under the Companies Act. CAP. 250. (8) No corporate insurance agent shall be permitted to represent another corporate insurance agent nor shall one insurer be the agent of another insurer. (9) No insurance company and no person carrying on business as an insurer, or an agent shall be licensed as a broker and no person carrying on business as a broker shall be licensed as an insurer or an agent. (10) No person carrying on business as an insurance collector shall be licensed as an agent, sub-agent or a broker.