Annual license fees, for insurance company, etc

(1) Subject to subregulation (3), the annual license fees payable by an insurance company or an association of underwriters licensed to carry on insurance business in Belize, shall be as follows– (a) a flat fee of five thousand dollars ($5,000.00); and (b) two and one-half percent (2 ½%) or half of a percent (.5%), as applicable, of the gross amount of premium received by the insurance company or association of underwriters, as the case may be, in respect of business transacted in Belize during its previous financial year. (2) The annual fees subscribed in subregulation (1) above shall be paid as follows– (a) The flat fee of $5,000.00 shall be paid to the Financial Secretary by the 1st January of each calendar year; and (b) the premium-based fee referred to in paragraph (b) of subregulation (1) above shall be paid to the Financial Secretary within four months of the close of the financial year of the Company or the association of underwriters, as the case may be, in accordance with the procedure set out in section 180 of the Insurance Act. 9 (3) Notwithstanding subregulation (1), the annual fee payable by an insurance company carrying on the micro- insurance class of business, which fee is to be pro-rated, is 0.5% of the insurance company’s gross premium income generated during the previous financial year. (4) In order for the fee under subregulation (3) to be accurately assessed, the insurance company concerned shall ensure that its’s revenue account for that class of business, as required under section 40 (1)(c) of the Act has been submitted. (5) In the case of life insurance business (whether ordinary or industrial), the expression “gross amount of premiums” referred to in the subregulation (1) above includes premium received from new, as well as, premium received from renewed business.