Belize Insurance Industry – Governance, Risk and Compliance
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Belize Insurance Industry Regulation Overview
The insurance industry in Belize is regulated by the Ministry of Finance (MoF). The other body that oversees the market are the International Association of Insurance Supervisors (IAIS), the Office of the Supervisor of Insurance and Private Pension (OSIPP), the Financial Services Commission (FSC), and the Caribbean Association of Insurance Regulators (CAIR).
The Belize Insurance Industry Governance Regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | · Ministry of Finance (MoF)
· International Association of Insurance Supervisors (IAIS) · Office of the Supervisor of Insurance and Private Pension (OSIPP) · Financial Services Commission (FSC) · Caribbean Association of Insurance Regulators (CAIR) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Marine Liability Insurance · Professional Indemnity Insurance · Liability Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Belize Insurance Industry – Key Regulators and Legislation
Office of the Supervisor of Insurance and Private Pension (OSIPP): The OSIPP, which works under the MoF, is responsible for the supervision of the domestic insurance business. The primary responsibility of the OSIPP is to provide licenses to insurers, underwriters, and intermediaries. The OSIPP conducts both the on- and off-site supervision of all licensees and looks over complaints from the public on the conduct of insurance licensees.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization that represents insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
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Belize Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Belize insurance industry are:
- Motor Third-Party Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security insurance
- Liability Insurance
Belize Insurance Industry Analysis by Compulsory Insurances
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Belize Insurance Industry - Company Registration and Operation
Insurers are required to obtain a license to operate in the country. Section 9 of the Insurance Act 2004 states that any insurer planning to operate an insurance business in the country must obtain a license from the OSIPP. Section 4 of the International Insurance Act 1999 stipulates that a person must not carry on, transact carry on, or transact any international insurance business in or from within Belize unless that person holds a valid certificate of registration. However, reinsurers are permitted to operate without obtaining a license.
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Belize Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Belize. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: The Income Tax Department administers and supervises taxation in the country. The Income Tax Department is responsible for achieving an effective, transparent, and taxpayer-oriented tax administration. The following section details various taxes and charges imposed on insurance products and insurers in Belize. Belize has double taxation agreements with the UK, Austria, and the countries of the Caribbean Community (CARICOM).
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Scope
This report provides:
- Details of the insurance regulatory framework in Belize.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework.
- Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The Financial Services Commission regulates the insurance industry in Belize.
- 100% FDI is permitted in the Belize insurance industry.
- Composite insurance is permitted in Belize.
- Sales tax on insurance premiums is imposed at a rate of 2.5%.
- Non-admitted insurance is prohibited in Belize.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Belize.
- Track the latest regulatory changes and expected changes impacting the Belize insurance industry.
- Gain detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
- Understand key regulations and market practices pertaining to various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Belize insurance industry?
The Ministry of Finance (MoF) is the key regulator of the Belize insurance industry.
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Which other bodies oversee operations in the Belize insurance industry?
The other body that oversees the market are the International Association of Insurance Supervisors (IAIS), the Office of the Supervisor of Insurance and Private Pension (OSIPP), the Financial Services Commission (FSC), and the Caribbean Association of Insurance Regulators (CAIR).
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Which are the compulsory insurances required within the Belize insurance industry?
Some of the compulsory insurances required within the Belize insurance industry are motor third-party liability insurance, marine liability insurance, professional indemnity insurance, social security insurance, and liability insurance.
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What are the types of taxes imposed upon the Belize insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Belize. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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