Licensed companies to carry out insurance business

(1) Subject to section 10, a body corporate shall not carry on in Belize insurance business of any of the classes specified in Schedule I unless– (a) the is satisfied that the Memorandum of Association or constitution of the body corporate restricts it to the carrying on of insurance business solely; (b) it is licensed by the Supervisor under this Act in respect of that class of insurance business and that the name in which the company is licensed is the same name as that in which the company is registered by the Registrar (c) it has made the deposit required by section 24; (d) its shareholders, directors and executive officers are fit and proper persons to conduct insurance business; and (e) in the case of an overseas company, it has filed with the Supervisor the names and addresses of one or more persons resident in Belize and authorised to accept on behalf of the body corporate service of process in any legal proceedings. 50 (2) Nothing in this section shall operate to avoid or render unenforceable any contract made or policy issued in contravention thereof.