Governance, Risk and Compliance - The Belizean Insurance Industry

Published: Jan, 2018 | Pages: 48 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric's 'Governance, Risk and Compliance - The Belizean Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Belize.

It provides 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 brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Summary

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Belize, including:

• An overview of the insurance regulatory framework in Belize.

• The latest key changes, and changes expected in the country's insurance regulatory framework.

• Key regulations and market practices related to different types of insurance product in the country.

• Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Belize.

• Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

• Details of the tax and legal systems in the country.

Scope

• The report covers details of the insurance regulatory framework in Belize.

• The report contains details of the rules and regulations governing insurance products and insurance entities.

• The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.

• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

• The report provides details of taxation imposed on insurance products and insurance companies.

Reasons To Buy

• Gain insights into the insurance regulatory framework in Belize.

• Track the latest regulatory changes, and expected changes impacting the Belizean insurance industry.

• Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.

• Understand key regulations and market practices pertaining to various types of insurance product.

Key Highlights

• The Belizean insurance industry is regulated by the OSIPP and IFSC

• Composite insurance is not permitted in the Belizean insurance industry.

• Motor third-party liability insurance and professional liability insurance for insurance brokers are compulsory classes of insurance.

• Non-admitted insurance is prohibited by law. However, reinsurers are permitted to operate without obtaining a license

• 100% FDI is permitted in the Belizean insurance industry.

 Table of Contents

1 INTRODUCTION 
1.1 What is this Report About? 
1.2 Definitions 
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance 
2.3.2 Property insurance 
2.3.3 Motor insurance 
2.3.4 Liability insurance 
2.3.5 Marine, aviation and transit insurance 
2.3.6 Personal accident and health insurance 
2.4 Compulsory Insurance 
2.4.1 Motor third-party liability insurance 
2.4.2 Professional indemnity insurance for insurance intermediaries 
2.4.3 Professional indemnity insurance for captive managers 
2.4.4 Workers' compensation 
2.4.5 Liability for ships with respect to oil pollution 
2.5 Supervision and Control 
2.5.1 International Association of Insurance Supervisors 
2.5.2 Caribbean Association of Insurance Regulators 
2.5.3 Office of the Supervisor of Insurance and Private Pension 
2.5.4 International Financial Services Commission 
2.6 Non-Admitted Insurance Regulations 
2.6.1 Overview 
2.6.2 Intermediaries 
2.6.3 Market practices 
2.6.4 Fines and Penalties 
2.7 Company Registration and Operations 
2.7.1 Type of insurance organization 
2.7.2 Establishing a local company 
2.7.3 Foreign ownership 
2.7.4 Types of license 
2.7.5 Capital requirements 
2.7.6 Solvency margin 
2.7.7 Reserve requirements 
2.7.8 Investment regulations 
2.7.9 Statutory return requirements 
2.7.10 Fee structure 
2.8 Taxation 
2.8.1 Insurance premium or policy taxation 
2.8.2 Withholding taxes on premium paid overseas 
2.8.3 Corporate tax
2.8.4 VAT 
2.8.5 Captives 
2.9 Legal System 
2.9.1 Introduction 
2.9.2 Access to court 
2.9.3 Alternative dispute resolution 
3 APPENDIX 
3.1 Methodology 
3.2 Contact Timetric 
3.3 About Timetric 
3.4 Timetric's Services 
3.5 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions 7
Table 2: Belize- Insurance Regulatory Framework Key Features 9
Table 3: Belize - Life Insurance Regulatory Framework 15
Table 4: Belize - Property Insurance Regulatory Framework 
Table 5: Belize - Motor Insurance Regulatory Framework 
Table 6: Belize - Liability Insurance Regulatory Framework 
Table 7: Belize - Corporate Tax Rates for the Financial Year 2017