BELIZE-ECONOMY - New Insurance act to enhance Financial Protection in Belize.

Belize has introduced a New Insurance Act, which came into effect on October 1 - a landmark legislation that 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 the introduction of Micro Insurance, the transition to a Risk-Based Framework, alignment with International Standards and enhanced Inclusivity.

According to the vMinister 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...