Overview of the International Insurance Sector
The international insurance sector is supervised under the International Insurance Act, Chapter 269 of the Laws of Belize, R.E. 2020. This Act was amended in 2016 to allow for the introduction of International Insurance Brokers. The Act requires that before an international insurance company is registered, that it has an Insurance Manager appointed. The Insurance Manager is also required to be registered under the International Insurance Act. The Principal Insurance Representative is also available under the International Insurance Regulations.
Since the implementation of the International Insurance Act in2011, entities licensed under the Act were requested to update their records. Various entities failed to update their records as they found it invasive. In some cases, the shareholders did not have identity documents and in other cases, the shareholders were not aware that their captive was registered in Belize. Compliance is encouraged, and the referenced forms in this website can allow user-friendly access to requisite documents needed for company registration purposes. The Act requires that insurers file financial statements four months after the end of the financial year along with the application for renewal of registration.