Belize Insurance License
The Belize International Insurance Act 2000 provides for incorporation and management in Belize of International Insurance Companies, in a tax-free environment.
For acquiring a Belize License the offshore insurer must satisfy the Supervisor that the controller, directors and chief executive (if any) of the offshore insurer are fit and proper persons to be associated with insurance companies and that they have, or have available, adequate knowledge and expertise of the insurance business to be carried on. The offshore insurer must maintain specified solvency margins, as may be prescribed by or determined in accordance with regulations made for the purposes of this section by the Supervisor of International Insurance. The offshore insurer must have at least one director resident in Belize. The offshore insurer must appoint a registered insurance manager in Belize, who must be a fellow or associate of the Chartered Insurance Institute of London or a member of either the Society of Chartered Property and Casualty Underwriters, or the American Society of Chartered Life Underwriters. The offshore insurer must appoint an attorney-at-law resident in Belize 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. The offshore insurer must provide annual audited accounts to the Supervisor of International Insurance. Capitalization requirements vary for different types of licenses(Long term/general/ reinsurance/captive)
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