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Taking control of risk and risk financing are of primary importance to most companies today. Through proper management of risk, risk-financing costs can be reduced to give companies a competitive edge. In recent years, captive insurance companies have gained popularity as risk financing vehicles. Recognizing this trend, Belize has made available an International Insurance Act Chapter 269 under the Laws of Belize. These facilities have worldwide appeal among clients and agents who seek the benefits generally associated with captives. The International Insurance Act is providing the regulation of persons establishing and carrying on international insurance business from or within Belize - including captive insurance.
Minimum Paid-Up Capitalization Requirements
Long-Term Business - US$100,000 (including life, endowment, annuities, etc)
General Business - US$100,000
(including captive, marine, engineering, aviation,
transportation, motor, property liability, pecuniary
loss, creditor, guarantor, personal, etc)
Reinsurance Business - US$50,000
Captive Insurance - US$25,000
Basic Requirements
Must have at least one director resident in Belize.
Must appoint a registered insurance manager in Belize (who must be a fellow or associate of the Chartered Insurance Institute of London or a member of either the Society of Chartered Property and Casualty Underwriters, or the American Society of Chartered Life Underwriters).
Must provide annual audited accounts to the Supervisor of International Insurance.
Must maintain specified solvency margins.
Full exemption from all taxes, stamp duty and exchange control regulations.
Policies and documents may be issued in any foreign language (although an authentic English translation must be provided to the Supervisor of International Insurance).
If you have more questions about how to to facilitate an application to establish an insurance company in Belize please contact us.
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