Certificate of licence

(1) Where the Supervisor is satisfied in respect of an applicant– (a) that the requirements of section 81 have been complied with; (b) that section 82 does not apply; (c) that the applicant is a person of good character and is otherwise a fit and proper person to be a broker, agent or sub-agent as the case may be; (d) that the applicant is sufficiently competent and knowledgeable to carry on business as a broker, agent or sub-agent as the case may be, in respect of any relevant class or classes of (e) in the case of a person who was, before the commencement of this Act, carrying on business in Belize as a broker, collector, agent 117 or sub-agent, that he conducted such business in a sound and proper manner; (f) if the applicant is then required by Regulations made under this Act to pass any examination, that he has passed such examination; and (g) in the case of a person applying to carry on business as a broker or a corporate agent that such applicantCAP. 250. (i) is duly incorporated, in the same name, as a body corporate the Act, and that the memorandum of or constitution of the body corporate empowers it to conduct insurance business of the type for which it is seeking to be licensed; (ii) has and undertakes at all times to maintain in force for a minimum of one million dollars and any specifications as to such cover as may be prescribed by the Supervisor, he shall, either unconditionally or subject to such conditions as he may specify, licence the applicant as– (i) a broker; (ii) a collector; (iii) an agent, (individual or corporate) of the insurance company or person for whom the applicant has been appointed as agent or sub- agent; or 118 (iv) a sub-agent as the case may be, in respect of such class or classes of insurance as he shall specify and shall notify the applicant accordingly. (2) If the Supervisor is not satisfied, in relation to all or any of the classes of insurance business in respect of which the application is made, as to one or more of the conditions set out in sub-section (1), he shall notify the applicant in writing that he proposes to refuse to licence the applicant or, as the case may be, that he proposes to refuse to licence the applicant in respect of one or more of the classes of insurance applied for, giving his reasons for doing so, and notifying him of his right under section 174 to request the Supervisor to refer his proposal for review by the Minister. card.