In a move towards modernizing and enhancing financial protection, Belize has introduced a New Insurance Act, which came into effect on October 1, 2023. This landmark legislation replaces the previous Insurance Act and the International Insurance Act.

The New Insurance Act represents an important moment in Belize’s regulatory framework for insurance, merging the Insurance Act and the International Insurance Act into a comprehensive and forward-thinking legal framework that is designed to serve the interests of both the Belizean population and the international insurance industry.

Some of the key highlights of the New Insurance Act include:
• Introduction of Micro Insurance
• Transition to a Risk-Based Framework
• Alignment with International Standards
• Enhanced Inclusivity

Minister of State in Belize’s Ministry of Finance, Christopher Coye remarked, “the Government of Belize is committed to the observance of international best practices, especially those that foster financial stability, economic development, financial inclusion, and protection of consumers. The new Insurance Act is a demonstration of that commitment, and we look forward to the implementation of this legislation.”

The development of the new act has been a collaborative effort between the World Bank, the IMF – through CARTAC – and the Government of
Belize.

  Belize, Caribbean, insurance