Insurance
The firm offers legal expertise to insurers and the insured alike, both at home and abroad. The firm practice covers primarily Title Insurance, International Variable Life Insurance and Annuities. With its expertise in asset protection, the firm utilizes the latter products for sophisticated asset protection and tax minimization planning as well.
Captive Insurance
Taking control of risk and risk financing are of primary importance to modern corporations, but also offers certain advantages to smaller closely-held businesses as well. Through proper risk management, risk-financing costs can be curtailed to give companies a competitive edge. The global captive insurance market has continued to thrive in the past few years, both in terms of new captive formations and new captive domiciles, and offers tremendous benefits when structuring efficient risk financing vehicles.
New captive insurers generally provide a range of coverage options for a number of industries. Most were established to provide coverage where insurance was unavailable or unreasonably priced. These insurance subsidiaries or affiliates were often domiciled international financial, generally in Bermuda or the Cayman Islands. Recognizing this trend, Belize passed the International Insurance Act Chapter 269, found under the Laws of Belize. This legislation has worldwide appeal among clients and agents who seek the risk management benefits of these captives but also see tax advantages in their application.
Advantages of Captives in Belize
- Deductions for the parent company for the insurance premium paid to the captive
- Numerous savings opportunities, including gift and estate savings for the shareholders and income savings for both the captive and the parent
- Opportunity to accumulate wealth
- Distributions to captive owners at favorable Rates
- Asset protection from the claims of business and personal creditors
- Access to the lower-cost reinsurance market when insuring risks that would otherwise be uninsurable
- Risk retention when customizing the insurance coverage, and enhanced cash flow
What Glenn D. Godfrey & Company Law Firm Can Provide
Allow Godfrey Law Firm utilize their expertise in assisting you with the formation of a captive insurance company and the acquisition of the insurance license in Belize. Our experienced management and accounting staff can utilize our global network of specialists to accommodate all your needs, and even offer consultation in other jurisdictions as well.
To learn more about Belize International Insurance Act and Glenn D. Godfrey Law Firmservices feel free to view the documentation below. You can also contact us and speak with one of our specialists, contact form or by email at attorneys@godfreylaw.net You can also fax us your inquiries at: 011+501-223-3501 or speak to our main office at: +011 501.223.3530