Belize Insurance Industry - Governance, Risk and Compliance

Belize Insurance Industry - Governance, Risk and Compliance

Summary

GlobalData’s ‘Belize Insurance Industry - Governance, Risk and Compliance’ 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 GlobalData’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.

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 the country.
• 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.

Key Highlights

• The Financial Services Commission regulates the insurance industry in the Belize.
• 100% FDI is permitted in the Belize insurance industry
• Composite insurance is permitted in the Belize.
• Sales tax on insurance premium is imposed at a rate of 2.5%.
• Non-admitted insurance is prohibited in the Belize.

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

• 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.