BELMOPAN, Belize, CMC – Belize has launched a New Insurance coverage Act, enacted on October 1 – a landmark laws that replaces the earlier and Worldwide Insurance coverage acts.
The New Insurance coverage Act represents a crucial second in Belize’s regulatory framework for insurance coverage, merging the Insurance coverage Act and the Worldwide Insurance coverage Act right into a complete and forward-thinking authorized framework designed to serve the pursuits of the Belizean inhabitants and the worldwide insurance coverage business.
Some key highlights of the New Insurance coverage Act embrace the introduction of Micro Insurance coverage, transitioning to a Threat-Based mostly Framework, alignment with Worldwide Requirements, and enhanced Inclusivity.
Based on the minister of State in Belize’s Ministry of Finance, Christopher Coy, “the Authorities of Belize is dedicated to the observance of worldwide finest practices, particularly people who foster monetary stability, financial improvement, monetary inclusion, and safety of shoppers. The brand new Insurance coverage Act is an illustration of that dedication, and we look ahead to the implementation of this laws.”
The event of the brand new act has been a collaborative effort between the World Financial institution, the IMF – by CARTAC – and the Authorities of Belize. It concerned key stakeholders, together with insurance coverage market contributors, authorities authorities, policymakers, and different consultants. This inclusive strategy ensures that the laws is tailor-made to satisfy Belize’s particular wants and realities.
“Introducing the brand new insurance coverage act underscores Belize’s dedication to modernization, monetary inclusion, and defending its residents and companies. The inclusion of microinsurance helps those that face ongoing boundaries to acquiring essential protection. It ranges the taking part in area, and by doing so, it contributes to Belize’s broader economic system,” stated Lilia Burunciuc, World Financial institution Nation Director for the Caribbean international locations.
The act aligns with ongoing initiatives to boost Belize’s Anti-Cash Laundering and Counter Financing of Terrorism measures, additional strengthening the nation’s monetary and regulatory panorama.
The brand new act was developed inside the World Financial institution’s Monetary Options for Local weather and Pure Catastrophe Dangers Program within the Caribbean, funded by the UK International, Commonwealth & Improvement Workplace.
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