Lloyd's Maritime and Commercial Law Quarterly
INTERNATIONAL LEGISLATION
BELGIUM
The law of July 9, 1975, relating to the control of insurance undertakings. The purpose of this law is that of protecting the rights of insured and third parties concerned in the performance of insurance contracts, and for such purpose, to fix the conditions and basic rules to which the activity of insurance companies is subjected, organising the control of such activity and deciding upon special rules for the liquidation of insurance operations. The provisions are applicable to Belgian or foreign undertakings which carry on insurance business in Belgium. They are applicable to undertakings which carry on reinsurance operations only if such undertakings also carry on insurance operations.
The law deals with authorisation, the exercise of insurance activities, the organisation of the control (the Insurance Control Office), the partial or total liquidation of insurance operations, and rules relating to compensation for certain damage caused by motor vehicles.
BELIZE
The Insurance Ordinance, 1975, which is to come into operation on such day as the Minister shall appoint by order published in the “Gazette,” makes provisions for regulating the conduct of insurance business and for purposes related thereto or connected therewith. It deals with the registration of insurance companies, deposit by insurance companies, investment and prohibitions, administration and accounting requirements for insurance companies, investigations by the insurance supervisor, judicial management and winding up. It also provides for associations of underwriters, registration of insurance brokers, salesmen, agents and sub-agents, miscellaneous provisions relating to agents, brokers and salesmen, long time insurance business and the issue of policies, protection of policies, paid up policies, surrender values and non-forfeitures. The payment of policy moneys and provisions relating to industrial life insurance business are also covered, as is mutualisation and general insurance conditions.
DENMARK
An Act amending the Act relating to insurance business came into force on Oct. 1, 1975. It sets out a number of amendments to be made to Act 147 of May 13, 1959, as amended by Act 213 of June 4, 1965, Act 504 of Nov. 29, 1972 and Act 222 of Apr. 24, 1974. It lays down circumstances of regulation by the Minister of Commerce and the provisions to be made by the Minister and concerns concession to insurance companies by the State Insurance Board to transact business. It also gives details on applications for concession and sets out the basis of capital in insurance companies.
An amended s. 122 provides that “a foreign company effecting legal insurance in its own country and one which does not carry on any other business, may, on the conditions laid down in the Act by the State Insurance Board, receive a concession to carry on a corresponding business in Denmark by means of a general agency (branch), if the Minister of Commerce assesses that corresponding rights will devolve
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