Company Not Yet Incoporated

The Bellize Companies Act, Act No. 11 of 2022 restricts the use of words referencing “insurance” in the name of companies. To facilitate the registration of companies wishing to conduct insurance business and registering a company with the word “insurance”, “assurance” or any of the restricted words, the applicant is required to obtain a no objection letter from the Supervisor of Insurance.  To apply for the no objection letter, the company must submit an application form for licensing, indicating that it has not yet registered the company but that it intends to do so as soon as the no objection letter is received. Once the application is reviewed and satisfactory, the no objection letter will be issued to BCCAR allowing for the registration of the company.  

Licensing Requirements For New Entrants

  • Completed Application Form along with any other required documentation requested therein
 
  • Completed Biographical Affidavits of Ultimate Beneficial Owners, Shareholders, Directors, proposed Management, proposed Compliance Officer
 
  • For companies incorporated in Belize
    • Company’s Certificate of Registration and Long Extract issued by BCCAR
    • Certified copy of Memorandum of Association 
 
  • For companies not incorporated in Belize
    • Notarized copy of the company’s Certificate of Registration, Memorandum of Assocation and Articles of Association
    • Letter of good standing from the Companies Registry in the jurisdiction of incorporation
    • Letter of good standing from Home Insurance Supervisor
 
  • Minimum Capital Requirements (Belize dollars)
    • Licensed insurers under Category 1

      Long-term insurance business or general insurance business ONLY (Local Company)

      $1,000,000

      Long-term insurance business or general insurance business ONLY (Foreign Company)

      $3,000,000

      General insurance business plus motor insurance business (Local Company)

      $1,250,000

      General insurance business plus motor vehicle insurance business (Foreign Company)

      $3,250,000

      Motor insurance business 

      $250,000

    • Licensed insurer under Category 2

      Category 2 (i)

      General

      $100,000

      Long- term

      $200,000

      Composite

      $300,000

      Category 2 (ii)

      General

      $150,000

      Long- term

      $300,000

      Composite

      $450,000

      Category 2 (iii)

      General

      $200,000

      Long- term

      $400,000

      Composite

      $600,000

    •  Licensed insurer under Category 3

      General

      $25,000,000

      Long-term

      $25,000,000

      Composite

      $50,000,000

    • Licensed insurer under Category 4

      General

      $1,500

      Long-term

      $1,500

      Composite

      $3,000

  • Detailed 5- year Business Plan
 
  • Any other information that is deemed necessary by the Supervisor of Insurance
 
  • Evidence of payment of fees (Application fee BZ$500, if application is approved initial license fee BZ$5,000)
  • Completed Application Form along with any other required documentation requested therein
  • Certified copy of the company’s Certificate of Registration and Long Extract issued by BCCAR
  • Certified copy of the Memorandum of Association
  • Paid -up Share Capital of BZ$100,000
  • Completed Biographical Affidavit for each Shareholder and Director
  • Detailed 3- year Business Plan 
  • Copy of Professional Indemnity Policy for BZ$1 million dollars 
  • A company already in existence at the time of first application, must attach three (3) copies of all audited accounts prepared during the last three (3) years
  • Evidence of payment of fees (Application fee BZ$500, if license is approved initial license fee BZ$2,500)
  • Completed Application Form along with any other required documentation requested therein
 
  • Certificate of Registration and Long Extract issued by BCCAR
 
  • Certified copy of the Memorandum of Association
 
  • Paid-up Share Capital of BZ$100,000
 
  • Completed Biographical Affidavit for each Shareholder and Director
 
  • Copy of the proposed agency agreement with insurer to be represented
 
  • Detailed 3- year Business Plan required for companies mainly engaged in insurance business
 
  • Evidence of payment of application fee (BZ$150 for the first principal and $50 thereafter for each additional principal)
 
  • If application is approved initial license fee of BZ$500 per principal represented
 
  • If license is approved, copy of Professional Indemnity Policy for BZ$1 million dollars (Note: Deductible should not exceed BZ$5,000)

 

  • Completed Application Form along with any other required documentation requested therein
 
  • Any individual applying for a license as an agent and sub-agent must not be under the age of twenty- one (21) years
 
  • Completed Biographical Affidavit
 
  • Proof of Insurance Education 
 
  • A copy of the signed or proposed agency Agreement with the principal
 
  • Evidence of payment of fees (Application fee BZ$25, if license application is approved initial license fee BZ$50)
  • Completed Application Form along with any other required documentation requested therein
 
  • Certified copy of Memorandum of Association
 
  • Certificate of Incorporation and Long Extract issued by BCCAR
 
  • Biographical Affidavits completed for all beneficial owners, shareholders, and directors
 
  • Detailed 5- year Business Plan
 
  • Professional Indemnity Cover (Note: US$100,000.00, maximum deductible US$5,000.00)
 
  • Applicable Fees as per Regulations (Note: Application Fee US$500.00, if application for license is approved,  license fee US$2,500.00)
 

Application for Renewal of Licenses

  • Completed Application Form along with any other required documentation requested therein
 
  • Any other information that is deemed necessary by the Supervisor of Insurance
 
  • Evidence of payment of fees (License fee BZ$5,000 and Pro-rated fee 2.5% of Gross Premium Written)
  • Completed Application Form along with any other required documentation requested therein
 
  • Evidence of payment of fees (License fee BZ$2,500)
  • Completed Application Form along with any other required documentation requested therein
 
  • Evidence of payment of fees (License fee BZ$500)
  • Completed Application Form along with any other required documentation requested therein
 
  • Evidence of payment of fees (License fee BZ$50)
  • Completed Application Form along with any other required documentation requested therein
 
  • Evidence of payment of fees (License fee US$2,500)