Procedure on application for registration

(1) An applicant may make an application in writing to the Supervisor to be registered under one of the following classes– (a) international insurer; (b) insurance manager; (c) principal insurance representative; (d) international insurance broker. (2) An applicant shall at the time of application furnish to the Supervisor, in addition to the documents, information, and evidence required under section 5 of the Act, the following– (a) an application on the form set out in Schedule I; Schedule I. (b) biographical affidavits as set out in Schedule II which shall provide adequate background of the beneficial owners, shareholders, directors and operating officers of the applicant and of their particular roles in the applicant’s operations; Schedule II. (c) a business plan which shall, where appropriate, contain a three year projection (with effect from the date of registration) and shall, where appropriate, set out details of6 International Insurance (i) the reasons for and the advantages of the applicant operating in or from within Belize; (ii) the type of international insurance business to be undertaken and the categories thereof; (iii) the principal sources of business; and (d) if the application is for registration as an insurer– (i) the projected risk exposure and asset base at the end of each year in the five year period following registration; (ii) the anticipated premium income from each category of international insurance business expected to be written; (iii) the overall assessment of the risk factors with, if appropriate, an analysis of proposed reinsurances; (iv) an assessment of the expected ratio of claims to premiums for each category of international insurance business and a statement of the rationale for the ratio applied; and (e) if the application is for registration as an insurance manager, a principal insurance representative or an international insurance broker, an undertaking to effect and maintain in force at all times when registered, professional indemnity insurance cover for a minimum of one hundred thousand dollars International Insurance 7 ($100,000.00) and a maximum deductible of five thousand dollars ($5,000.00) with an insurer acceptable to the Supervisor.