Insurance laws Sint Eustatius (Netherlands)
Insurance regulation in Sint Eustatius, part of the Caribbean Netherlands, is governed by Dutch national laws adapted for the BES islands (Bonaire, Sint Eustatius, and Saba). The primary legal framework is the Wet toezicht verzekeringsbedrijf BES (Insurance Supervision Act BES), which is part of the broader Aanpassingswet openbare lichamen Bonaire, Sint Eustatius en Saba (Adjustment Act for the Public Entities Bonaire, Sint Eustatius, and Saba). This legislation outlines the supervision and regulation of the insurance industry on the BES islands.
🏢 Regulatory Authority
The Dutch Central Bank (De Nederlandsche Bank, DNB) is responsible for overseeing insurance companies operating in or from the BES islands Insurance companies must obtain a license from DNB to conduct life or general insurance business Applicants must meet specific requirements set by DNB, and once licensed, insurers must comply with ongoing directives and guidelines
LicensingInsurance companies must apply for a license from DNB to operate on the BES island.
Supervision DNB supervises both onshore and offshore insurance companies, ensuring compliance with the Wet toezicht verzekeringsbedrijf BES and other relevant regulation.
Compliance Licensed insurers must adhere to DNB's directives and guidelines, which include requirements for financial stability, reporting, and consumer protectio.
🧾 Professional Expertise Requirement
Individuals working in the insurance sector on the BES islands must meet professional expertise requiremens De facto managers at insurance advisory and intermediary firms must possess a recognized diploma, such as a Wft (Dutch Financial Supervision Act) diploma or an equivalent qualification recognized by the Central Bank of Curaçao and Sint Maarten (CBC) Employees providing insurance advice or intermediary services must complete a training program offered by their employer or a third party, or have equivalent experience
🛡️ Anti-Money Laundering and Terrorist Financig
The Wet ter voorkoming van witwassen en financieren van terrorisme BES (Wwft BES) is the legislation aimed at preventing money laundering and the financing of terrorism on the BES islad. Insurance service providers, including life insurance brokers and investment firms, are subject to this a. They must implement measures such as customer due diligence, risk assessments, and employee trainn. The Dutch Authority for the Financial Markets (AFM) supervises compliance with the Wwft BES and provides guidance to service providers
🏥 Healthcare Insurace
Residents of Sint Eustatius are covered under the Zorgverzekering BES (BES Healthcare Insurance), a mandatory health insurance scheme that provides access to medical care and long-term ae.The insurance is financed through income tax, with premiums calculated based on income
RELATED Blog
0 comments