Insurance policies

(1) There shall be paid– (a) on every policy of insurance against accident, or for any payment agreed to be made during the sickness of any person or his incapacity from personal injury, or by way of indemnity against loss or damage of or to any property, a duty of................................................. $0.10 (b) on every hundred dollars or part of one hundred dollars of the amount insured under any policy of life insurance, a duty of ............................................................... $0.10 (c) on every policy of marine insurance where the premium does not exceed the rate of one- eighth per centum of the sum insured, a duty of ........................................................... $0.10 35 (d) on every hundred dollars or part of one hundred dollars of the amount insured under any policy of marine insurance, where the insurance is for one voyage, or for any time not exceeding six months, a duty of............................................................ $0.05 or (e) on every hundred dollars or part of one hundred dollars of the amount insured under any policy of marine insurance, where the insurance is for any time exceeding six months, but not exceeding twelve months, a duty of ................................................... $0.10 (2) A policy of marine insurance for a period exceeding twelve months shall be void. (3) The charge of duty by this Act on insurance policies extends to all policies executed in Belize, whether so executed by the insurer or by his agent, and to all policies, wherever executed, effected through an agent in Belize of the insurer, or relating to property in Belize, or where the sum insured is to be paid in Belize. (4) A policy of insurance which is not executed in Belize or effected through an agent in Belize of the insurer and is duly stamped in accordance with the law for the time being in force in the United Kingdom or some British possession shall not by virtue of this Act, be liable to any stamp duty by reason only that it relates to property in Belize or provides that the sum insured shall be paid in Belize. (5) Where an insurance is effected through an agent in Belize of the insurer, the agent, if he does not himself execute the policy of such insurance, shall within seven days after the receipt of any proposal form signed by or on behalf of the person intending to be insured or the receipt of the first or only premium for the insurance, whichever first happens, cause the proposal 36 [CAP. 64 form or the receipt for the premium, as the case may be, to be duly stamped in the same manner as if it were the actual policy, and, if he fails to do so, shall incur a fine of two hundred dollars, Provided that where the proposal form or the receipt for the first or only premium in respect of an insurance is duly stamped as a policy of insurance, the policy of such insurance shall not, by virtue of this Act, be chargeable with any stamp duty. (6) For the purposes of stamp duties, “insurance” includes every contract of insurance, and “policy of insurance” or “insurance policy”, includes every instrument whereby an insurance is made or agreed to be made or is evidenced. (7) No insurance which, if effected by a policy, would give rise to a charge of stamp duty shall be valid, unless it is effected by a duly stamped policy, or, in the case of an insurance effected through an agent in Belize, the proposal form or receipt for the first or only premium in respect thereof is duly stamped as a policy of insurance. (8) Every person who executes or issues a policy which is liable to stamp duty but which is not duly stamped shall incur a fine of fifty dollars.