Core Functions:

Administration of the Insurance Act and Regulations

  • Licensing of Insurance Companies and Insurance Intermediaries
  • Ensure the payment of appropriate annual fees
  • Monitor statutory departments and statutory funds
  • Review annual financial statements submitted by insurers and intermediaries
  • Ensure overall compliance by all licensed insurance entities with requirements of the Insurance Act and Regulations

Legislation:

Insurance Act (Act No 11 of 2004)

  • The first Insurance Act was introduced in Belize in 1976 based on the 1950’s version of the Insurance Act of United Kingdom
  • The current Act No 11 of 2004 was introduced in compliance with the standards of Insurance Core Principles of the International Association of Insurance Supervisors

Insurance Act – Regulation (Subsidiary Laws)

  • The Insurance (Annual Fees) Regulations – first issued in 2001, states the manner in which fees are applied for application, renewal of licenses and viewing of documents within the OSI
  • The Insurance (Accounts & Forms) Regulations- it was agreed in 2007 that insurance companies would submit additional forms along with its audited statements. The forms contain additional details to information reported in financial statements 

Motor Vehicle Insurance (Third Party Risks) Act

  • Obligates owners of motor vehicles to hold insurance policies against third party risks
  • Most policies issued by insurance companies strictly follow this Act with limits of liability of $20K for property damage, $50K-200k for personal injury
  • Insurance company are obligated to pay claims under no-fault section irrespective of whether their insured was at fault

Insurance Intermediaries

  • Implemented in 2000 that all insurance agents,  salesmen , sub agents and brokers must be registered and licensed
  • Upon approval a license certificate and intermediary card is given which intermediaries must produce at the simple demand of any member of public.

Consumer Complaints

  • OSI assists in the settling of claims in the event of a dispute between the claimant and the insurance company
  • A written complaint needs to be filed by the party (claimant or company) lodging the complaint using the “Consumer Complaint against insurer/insurance intermediary advice Form”
  • However if claim has progressed to a lawsuit and is before the courts the OSI will not intervene