Registrants to file annual accounts

Unless expressly exempted from doing so by the Supervisor in writing, every registrant shall within three months of the end of its financial year submit to the Supervisor the following documents in relation to its previous financial year10 International Insurance (a) evidence of payment of the annual fees set out in Schedule III to these Regulations; Schedule III. (b) a statement signed by the registrant’s principal operating officer confirming that all changes to the information submitted for the registration of the person, as varied from time to time, have been communicated in writing to the Supervisor and identifying any changes made but not communicated to the Supervisor; and (c) in the case of a registered insurer– (i) two copies of the registered insurer’s audited financial report signed by two of its directors for the reporting period; (ii) written confirmation from an independent and approved auditor that the annual accounts for the year under review have been prepared under generally accepted accounting principles or international accounting standards and that the accounts are unqualified; and (d) in the case of a company registered to write general insurance business only, a certificate from an approved and independent auditor as set out in Schedule V to these Regulations indicating the extent to which the registrant has attained the prescribed minimum solvency margin; and Schedule V. (e) in the case of a company writing long-term business only, a certificate as set out in Schedule VI to these Regulations signed by an Schedule VI. International Insurance 11 independent qualified actuary that he is satisfied that the company’s assets exceed its liabilities; and (f) in the case of a person registered as an international insurance manager or a principal insurance representative– (i) evidence of the existence of current professional indemnity insurance in respect of his activities; and (ii) an affidavit specifying the registered insurers represented by him during the last financial year and conforming that each of those registered insurers are currently in compliance with the requirements of the international insurance laws of Belize.