Supervision of insurers
Supervision of insurers
De Nederlandsche Bank (DNB) is entrusted with the prudential and integrity supervision of insurers in the Caribbean Netherlands (CN) on the grounds of the BES Financial Markets Act (Wet financiële markten BES/ Wfm BES).
In general, the local insurers operating on CN are branches of insurers established on Curaçao or St Maarten. For this reason, insurers with a DNB licence will in most cases exclusively come under the integrity supervision of DNB.
Operational supervisory practice – the area where DNB and a supervised insurer come into contact – consists of several types of activities:
- admitting an insurer to the market (e.g. through the granting of a licence);
- collecting information at a supervised insurer and assessing said information based on the supervisory requirements;
- providing guidance and carrying out interventions at a supervised insurer that fails to comply with supervisory requirements.
Cooperation with other supervisory institutions
DNB works closely in its supervisory practice with other domestic and foreign supervisors.
In the context of the BES Financial Markets Act (Wfm BES) and the BES Money Laundering and Terrorist Financing (Prevention) Act (Wwft BES), the cooperation with the Authority for the Financial Markets (AFM) and the Central Bank of Curaçao and St Maarten (CBCS) is particularly significant. This cooperation comprises, among other things:
- coordinating lower regulations and policy in respect of issues that are relevant to both the prudential and integrity supervision; and
- exchanging information and coordinating concrete supervisory activities
Finding your way
If you are an insurer operating or seeking to operate in the Caribbean Netherlands, you can find all relevant information here. If you are unable to find any specific information, please let us know by sending an e-mail or calling +3120 524 9111.
All laws relevant to insurers operating in the Caribbean Netherlands can be found on the right, under downloads.
The ‘market access’ section contains information on the different types of insurance that can be offered in the Caribbean Netherlands as well as information on the licensing requirements and notification procedure.
The section under integrity supervision clearly outlines the requirements that an insurer must satisfy. These include:
- ensuring operational soundness;
- preventing involvement in money laundering and terrorist financing on the grounds of the BES Money Laundering and Terrorist Financing (Prevention) Act (Wet ter voorkoming van witwassen en de financiering van terrorisme BES/ Wwft BES); en
- compliance with national and international sanctions regulations on the grounds of the Sanctions Act 1977 (Sanctiewet 1977).
The section under prudential supervision contains information on the requirements that insurers must meet in relation to solidity and operational soundness.
Management board members, supervisory board members and (co-)policymakers of supervised institutions in the Caribbean Netherlands (‘BES Islands’) are assessed for integrity. Day-to-day policymakers are also assessed for suitability. You can read more about this under Assessments.
Under registers you will find an overview of financial undertakings that are required to hold a licence in order to offer financial products in the Caribbean Netherlands.