Home - OSIPP

slide 1

Insurance

Responsible for the regulation and supervision of licensed insurance persons under the Insurance Act.

slide 1

Special Notice on Banks & Other Financial Institutions acting as agents of insurance companies

No Bank or Bank Official shall exercise any undue pressure or influence in any manner whatsoever upon a borrower to place insurance in any particular insurance company for the security of the Bank. All clients of Financial Institutions have a choice of insurer and should not be obligated to insure with a particular insurer only because the financial institution is providing such person with insurance premium financing or a loan. Clients of a financial institution feeling forced into placing insurance with a company against his/her will should notify the Supervisor of Insurance immediately.

slide 1

NOTICE

The General Public is hereby notified that only persons who have been provided with an Insurance Licence should carry on insurance business in Belize. All licensees have been provided with an Insurance License Certificate. In addition to the licence certificate, individual insurance intermediaries were issued an Insurance Intermediary Card, which must be produced upon simple demand by any member of the public.

NOTE: License Certificates are valid for ONE year only. Persons conducting insurance business without a valid insurance license are in contravention of the Insurance Act and should be reported immediately to the Office of the Supervisor of Insurance and Private Pensions.

Welcome

The Office of Supervisor of Insurance & Private Pensions (OSIPP) is a Department of the Ministry of Finance.

Licensing & Registration of Regulated Entities and Pension Plans

Consumer Complaints Handling

Ongoing Monitoring & Supervision

Protection of the interests of policyholders & pension plan members

OUR PRINCIPAL ROLE

To protect the interest of the public, whether as a consumer or third party. This is done through the monitoring of insurance entities and pension administrators to ensure financial stability and use of fair business practices while carrying out their business operations. These roles and responsibilities are acquired through the Insurance Act and Private Pensions Act with their respective Regulations.

Critical functions and responsibilities are also assigned under the Motor Vehicle Insurance (Third Party Risks) Act and the Money Laundering & Terrorism (Prevention) Act.

Our Mission

Our mission is to protect the interests of insurance policyholders and members of private pension plans by effectively and impartially regulating, supervising, and promoting the development of innovation by fostering financially stable and operationally viable insurance and pension markets; in addition, investigate complaints and endorse awareness and service to the public.

Our Vision

To proactively internalize international best practices in the supervision and regulation of the insurance and pension sectors, to improve conduct of business by modernizing operations for optimal performance and risk management, and to apply proportionality for the benefit and financial inclusion of all members of society.