In the year 2000, the Laws of Belize were revised and collated. The Insurance Act became Chapter 251, and the Motor Vehicle Insurance (Third Party Risks) Act became Chapter 231 of the combined document. Notably, Belize’s Financial Secretary was in charge to supervise the insurance industry, but in 2002 there was a separation in duties due to the increase in supervisory work. This led to the appointment of the Supervisor of Insurance. The separation also provided Belize’s compliance with the Insurance Core Principles (ICPs) of the IAIS.
There has been most recently collaboration between the OSIPP and the Central Bank of Belize to form a Financial Stability Committee in 2012. The primary purpose consists of monitoring, supervising, analyzing, and reporting on the Financial System of Belize as well as detecting various risks inherent and external to the system (Banks, Insurance etc.)
Overall, the Office of the Supervisor of Insurance and Private Pension (OSIPP) to date remains as a department under the Ministry of Finance. Its officers are subject to the Public Service Regulations 2014. However, insurance and pension supervision remain autonomous from the function of the Ministry of Finance.
Over the last years, a wide spectrum of training and capacitation has been provided to the OSIPP
workforce. These trainings form part of the functioning of the office and include capacity on:
Importantly, OSIPP acquires its revenue from the supervisory duties and monitoring as per above-mentioned and the proceeds from the collection of annual license fees from insurance companies and insurance intermediaries, as well as from entities that register its pension plans. Revenues are also obtained from penalties that are levied upon the entities.
OSIPP has a budget allocation under the Ministry of Finance that is used for the proper functioning of the Office and is stable and efficient regarding oversight duties. Additionally, the Supervisor of Insurance & Private Pension (SOIP) is responsible for the preparation of annual reports in accordance with the workings of the Insurance Act, Chapter 251 Revised Edition 2020; in addition to the Private Pensions ACT Chapter 30:01, Revised Edition 2020.