Restriction of business

(1) A registered insurer shall not carry on any activities from in and within Belize or elsewhere otherwise than in connection with or for the purpose of its international insurance 29 (2) Subject to the provisions of sub-section (1), a registered insurer shall not carry on business from in and within Belize other than international insurance business. (3) A registered insurer authorised to carry on only captive insurance business may underwrite a maximum of thirty per centum of unrelated insurance business. (4) Subject to sub-section (5), a registered insurer may effect reinsurance in respect of any international insurance business under-taken by it and may assign to the policy holder the rights of the registered insurer against the reinsurer in respect of any particular policy. In the event of such an assignment being effected, the policyholder shall continue to the extent that the risks covered by the policy issued by the registered insurer have not been so reinsured. (5) An assignment pursuant to sub-section (4) shall be valid only if the policy holder has consented in writing to the application of this section to such assignment or if the person who will become the policy holder upon its issue has so consented prior to the issue of the policy. (6) Nothing in sub-sections (4) and (5) and in this sub- section shall restrict the ability of a registered insurer to effect reinsurance without an assignment pursuant to sub-section (4).