The International Financial Services Commission Act

The International Financial Services Commission Act

To establish an International Financial Services Commission to promote, protect and enhance Belize as an offshore financial services centre and to regulate and supervise the provision of offshore financial services within Belize. The IFSC shall comprise of four members from the private sector, the Governor of the Central Bank (or his representative), the Financial Secretary (or his representative) and the Director and Deputy-Director of the IFSC (who shall be ex-officio members).

The International Insurance Act

To provide for the regulation of persons establishing and carrying on international insurance business from or within Belize – including captive insurance.

Minimum Paid-Up Capitalisation 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

• 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).