Refusal of registration

The Supervisor shall not register any applicant under section 7 unless the applicant– (a) is a company, a mutual society, a syndicate or a pool; and (b) satisfies the Supervisor that the amount paid up on its share capital– (i) in a case where the applicant proposes to carry on long-term business but no other category of business, is $100,000 or more; (ii) in a case where the applicant proposes to carry on general business but no other category of business, is $100,000 or more; (iii) in a case where the applicant proposes to carry on reinsurance business but no other category of business, is $500,000 or more; (iv) in a case where the applicant proposes to carry on captive insurance business but no other category of business, is $25,000 or more; and additionally satisfies the Supervisor that the minimum paid up share capital shall be deposited with an offshore bank or other licensed financial institution in Belize and shall not be removed without the prior written permission of the Supervisor; and (c) satisfies the Supervisor that the controller, directors and chief executive, if any, of the applicant are fit and proper persons to be associated with insurance companies; and (d) satisfies the Supervisor that it has, or has available, adequate knowledge and expertise of the insurance business to be carried on; and (e) satisfies the Supervisor that it has either– (i) management in Belize with adequate knowledge and expertise of the insurance business to be carried on and has at least one director resident in Belize; or (ii) appointed a manager in Belize with adequate knowledge and experience of the insurance business to be carried on; and (iii) appointed an attorney-at-law resident in Belize (consent of which appointment shall be signified by the person in writing) who is approved by the Supervisor for the purpose of accepting service of process in any legal proceedings to which the insurer is a party; (f) complies with the criteria contained in any regulations made pursuant to this Act.