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  4. > Governance, Risk and Compliance - The Belizean Insurance Industry

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 operations 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, recent and upcoming changes in 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 Belizean 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 GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations.

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

Scope
- This report covers details of the insurance regulatory framework in Belize.

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

- The report lists and analyzes key trends and developments pertaining to the Belizean insurance regulatory
framework.

- The repot analyzes rules and regulations pertaining to the establishment and operation of insurance business in the country.

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

Reasons To Buy
- Gain insights into the insurance regulatory framework in Belize.

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

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

- Understand key regulations and market practices relating to various types of insurance product.

Key Highlights
- The Belizean insurance industry is regulated by the Office of the Supervision and International Financial Services Commission.

- 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

Governance, Risk and Compliance - 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 Regulations
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 brokers
2.4.3 Social insurance system
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Caribbean Association of Insurance Regulators
2.5.3 The Office of Supervision
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 Types 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 margins
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
Table 2: Belize - Insurance Regulatory Framework Key Features
Table 3: Belize - Life Insurance Regulatory Framework
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 Rate for the Financial Year 2015

List of Figures
Figure 1: Belize - Insurance Supervision and Control at Various Levels
Figure 2: Belize - Insurance Regulatory Frameworks for Company Registration and Operation

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