a. Admission policy/ Market entry

According to Article 2 State Decree on the Supervision of Insurance Brokers, any party wanting to act professionally or commercially as an insurance broker in or from Aruba, needs a license of the CBA. Reference is also made in this regard to the application form of the CBA for Insurance Brokers. 

b. Law and regulations

The CBA supervises the insurance brokers based on Article 27a, paragraph 1, of the State Ordinance on the Supervision of the Insurance Business (SOSIB) (AB 2000 no. 82) and also based on the State Decree on the supervision of insurance brokers (AB 2014 no. 6). Via off‐site surveillance and periodic on‐site examinations, the CBA conducts ongoing oversight over the insurance brokers.

The insurance brokers must comply with the relevant requirements of the SOSIB insofar applicable to them and the relevant requirements of the State Decree. They must also comply with the State Ordinance for the Prevention and Combating Money Laundering and Terrorist Financing (AML/CFT State Ordinance) and the Handbook for the prevention and detection of money laundering and financing for services providers (financial and designated non-financial) (AML/CFT Handbook) issued by the CBA. Furthermore, they must comply with the financial sanctions regulations and must, in this respect, take duly notice of the Financial Actions Task Force (FATF) and the Caribbean Financial Action Task Force (CFATF) warning lists, periodically circulated by the CBA.

c. Enforcement

In case where the CBA identifies a situation of noncompliance with the applicable supervisory laws and regulations, formal or informal (a normative conversation or a written warning) measures are considered. The decision whether to apply formal or informal measures depends, among other things, on the seriousness of the case. Please refer to the CBA’s enforcement policy for more information.