BELMOPAN, Belize, CMC – Belize has introduced a New Insurance Act, enacted on October 1 – a landmark legislation that replaces the previous and International Insurance acts.
The New Insurance Act represents a critical 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 designed to serve the interests of the Belizean population and the international insurance industry.
Some key highlights of the New Insurance Act include the introduction of Micro Insurance, transitioning to a Risk-Based Framework, alignment with International Standards, and enhanced Inclusivity.
According to the minister of State in Belize’s Ministry of Finance, Christopher Coy, “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. It involved key stakeholders, including insurance market participants, government authorities, policymakers, and other experts. This inclusive approach ensures that the legislation is tailored to meet Belize’s specific needs and realities.
“Introducing the new insurance act underscores Belize’s commitment to modernization, financial inclusion, and protecting its citizens and businesses. The inclusion of microinsurance supports those who face ongoing barriers to obtaining crucial coverage. It levels the playing field, and by doing so, it contributes to Belize’s broader economy,” said Lilia Burunciuc, World Bank Country Director for the Caribbean countries.
The act aligns with ongoing initiatives to enhance Belize’s Anti-Money Laundering and Counter Financing of Terrorism measures, further strengthening the nation’s financial and regulatory landscape.
The new act was developed within the World Bank’s Financial Solutions for Climate and Natural Disaster Risks Program in the Caribbean, funded by the UK Foreign, Commonwealth & Development Office.
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