Overview of the Insurance Sector
The domestic insurance market has practically maintained the same insurance companies operating within Belize since 2015. In 2023, however, a new general insurance company was licensed. Insurance Companies operating from within Belize are limited to only one insurer.
Only licensed insurers and insurance intermediaries can carry on insurance business in and from within Belize. Insurers can be licensed in one of the four categories of insurance licences. Insurance intermediaries are also licensed as either agents (individual/ corporate) or brokers. Insurance Managers, required for insurers licensed under Category 2 are also required to be licensed.
The four major classes of insurance business in the market are: property insurance, motor vehicle insurance, ordinary life insurance and health insurance.
Current statistics on the Insurance Industry can be found on the Insurance Statistics section of this site.
Licence Categories
Under the Insurance Act, OSIPP may issue the following categories of licenses:
Category 1: For carrying on insurance business in Belize.
Category 2: for carrying on insurance business, but not not reinsurance busines, outside of Belize from within Belize in respect of which-
(i) at least ninety- five percent of the net written premiums will originate from the insurer’s related business, and annual net earned premiums are less than fifteen million dollars;
(ii) over fifty per cent of the net premiums written will originate from the insurer’s related business, and annual net earned premiums are less than fifteen million dollars. A licensed insurer under this category is also allowed for carrying on insurance business, included for licensed insurers under category 2(a);
(iii) fifty per cent or less of the net premiums written will originate from the insurer’s related business and annual net earned premiums are less than fifteen million dollars. A licensed insurer under this category is also allowed for carrying on insurance business, included for licensed insurers under categories 2(a) and 2(b);
(iv) fifty per cent or less of the net written premiums will originate from the insurer’s related business and annual net earned
premiums are equal to or greater than fifteen million dollars. A licensed insurer under this category is also allowed for carrying on insurance business, included for licensed insurers under categories 2(a), 2(b) and 2(c).
Category 3: for the carrying on of reinsurance business and such other related business as may be approved in respect of any insurer licensed by the Supervisor.
Category 4: for carrying on insurance business, but not reinsurance business, in Belize or from within Belize and that–
(i) may only raise capital for underwriting from qualified investors; whether via subscription for, or purchase of, debt or equity instruments or otherwise; or by listing of securities; whether debt, equity, or derivative instruments, issued by the
insurer on an investment exchange licensed or recognised by the Financial Services Commission established under section 3 of the Financial Services Commission Act; or by such other means, or from such other persons, as may be approved in writing by the Supervisor;
(ii) Insurers that the Supervisor agrees, in writing, may fall into this category;
(iii) in the case of a segregated company, incorporated accordingly to the Belize Companies Act, each cell and the company
must be allocated to one of the above categories.
Legislation
OSIPP regulates and supervises the Insurance Sector in accordance with:
- The Insurance Act and Regulations
- The Motor Vehicle Insurance (Third Party Risks) Act
- Money Laundering and Terrorism (Prevention) Act
In compliance with the
- The International Association of Insurance Supervisors (IAIS) Insurance Core Principles and Common Framework for the Supervision of Internationally Active Insurance Groups
- FATF Recommendations