International Insurance Regulation:

Legislation:

International Insurance Act Cap.269 & International Insurance Regulations S.I. No.64 of 2000.

Regulatory Authority:

Supervisor of International Insurance; Minister responsible for Offshore Financial Services.

Main Focus of Legislation:

Regulation of “International Insurance Business”:  The carrying on or the conducting, whether from within or outside Belize, of any insurance business where:

• The insured;

• The person to whom the policy moneys are payable;

• The owner of the policy;

or any one or more of such persons,

 

• Is not domiciled, ordinarily resident, or incorporated in Belize;

• Is a company licensed to carry on offshore banking business under the Offshore Banking Act.

Classes of International Insurance Business:

1. Long Term Business;


2. General Business;


3. Reinsurance Business;


4. Captive Insurance Business;


5. Principle Insurance Representative;


6. Insurance Manager.

Definition of Captive Insurance Business:

The Act defines “captive insurance business” as “insurance business where the insured is a parent or affiliated company of the registered insurer or is a person in respect of whom the registered insurer is authorized by the Supervisor to provide insurance”.

Note:  A registered insurer authorized to carry on only captive insurance business may underwrite a maximum of 30% of unrelated  insurance business.

Restriction on carrying on International Insurance Business:

No person may carry on, transact, hold himself out as carrying on or transacting any international insurance business in or from within Belize unless that person holds a valid Certificate of Registration.

Entities** that may apply for a Certificate of Registration: 

1. A Company {includes a local ‘250’ company, a Belize International Business Company , and a foreign company);


2. A Mutual Society;


3. A Syndicate;


4. A Pool.

**whose constitution documents either prohibit or do not provide for the issuance of Bearer Shares.

Tax Exemptions:

1. No Stamp Duty on contracts of insurance;


2. No exchange control restrictions;


3. No income tax, or any other direct or indirect tax/impost (in respect of any international insurance business written in or from within Belize) on:


1. transactions, contracts, securities;


2. profits and gains;


3. income received;


4. premiums earned;


4. No income tax or any other direct or indirect tax/impost on payments away from company:


1. dividends or earnings attributable to any shares or securities;


2. money paid to an insured;


3. premiums paid to another registered insurer.

Note:  Exemptions are evidenced by a certificate issued by the Minister.

Other Exemptions:

An insurer can apply to the Supervisor for:

• Permission to maintain its principal office at another location outside Belize;

• Permission to keep its business records at a location other than its registered office in Belize.

CSB can assist applicants in obtaining certification/registration to operate as:

• An International Insurer.

• An International Principal Insurance Representative.

• An International Insurance Manager.