Securing an international insurance license anywhere in the world can be tricky, as the insurance industry is one of the more tightly regulated on the planet. For a number of reasons, including the International Insurance Act of 1999, Belize is often considered to be the top choice for individuals and businesses who are ready to receive their own international insurance license.
Find out more about what this license entails, and then discover how to secure one yourself in Belize.
Understanding the International Insurance License
The primary reason to apply for and receive an international insurance license is to provide insurance for risks that may not otherwise be easily covered.
Risky investments or international commercial development, for example, may not be simple to insure through a traditional provider. Having an international insurance license may provide a way for companies to better manage their level of risk and create a lessened loss in the event of a major catastrophe.
Self-insurance can also be used as a supplement to more traditional insurance methods. Businesses holding an international insurance license may even go on to ensure the ventures of other individuals or businesses involved in a range of investments and activities on a global stage.
Benefits of Securing a License in Belize
Securing an international insurance license is possible in a number of jurisdictions, but Belize stands out for many businesses.
First, Belize itself offers unparalleled tax benefits to companies, which is reason in and of itself to operate from within the Central American nation.
Also important to understand is the International Insurance Act of 1999, which was passed in Belize. This act served to make the process of receiving an insurance license more straightforward, and it also helped to regulate the insurance industry.
This helps businesses who want to expand into the insurance industry, and it also protects the individuals and companies who opt to purchase insurance policies from providers based in Belize.
Steps to Receiving an International Insurance License
Receiving an international insurance license is relatively straightforward, particularly compared to the process in other nations. However, it can still entail a lot of prerequisites and waiting.
To start, the applicant has to list the controller, directors or executives, and then each person has to be accepted as fit and knowledgeable individuals for this role in an insurance company.
The Supervisor of International Insurance in Belize will then check that applicant's solvency margins to ensure stability and fair practices.
The company should also have a minimum of one board member or director who lives year-round in Belize and is an official resident.
One executive should also be a current member of one of the leading insurance organizations; there should be in-house legal counsel available and annual audited accounts should be made readily available.
There are even more specific requirements depending on the type of insurance provision that will be offered by the applicant.
Advantages of Seeking Expert Help From Georgetown Trust
If you or your business is interested in securing an international insurance license in Belize, having a trusted adviser to walk you through the process can be a tremendous help.
At Georgetown Trust, experts serve as consultants to speed up the application and process of getting the necessary license.
Understanding more about international insurance licenses can be the first step in securing one for business growth and risk mitigation in a jurisdiction like Belize.