Sunday, August 18, 2019
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Supervision
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Captive Insurance Companies
On July 1, 2001 the State Ordinance on the Supervision of the Insurance Business (SOSIB in Dutch) (AB 2000 no. 82) was enacted. This ordinance provides the CBA with a solid legal framework to supervise life and general insurance companies, both onshore and offshore. On May 28, 2002 the State Decree Captive Insurance Companies (AB 2002 no. 50 in Dutch), was enacted.
Captive insurers or reinsurers operating as an insurer in or from Aruba need to obtain a license from the CBA to conduct their activities. Reference is made to the CBA’s admission policy for Captive Insurance Companies in Aruba. Licensed captive insurers or reinsurers have to comply continuously with the CBA’s supervisory directives and guidelines for captive insurance companies.