Insurance laws Suriname
Suriname's insurance industry is primarily regulated by the Central Bank of Suriname (CBvS), which oversees the sector under the Banking and Credit System Supervision Act 1968, as amended in 1986. This regulatory framework ensures the soundness and integrity of insurance companies operating within the country.
🏛️ Regulatory Authority: Central Bank of Suriname (CBvS)
The CBvS serves as the central regulatory body for Suriname's financial sector, including insurance companies Its responsibilities encompass
Licensing: Granting licenses to insurance companies and intermediaries
Supervision:Monitoring the financial health and compliance of insurers
Consumer Protection:Safeguarding the interests of policyholders
Regulatory Enforcement: Implementing and enforcing insurance laws and regulations The CBvS conducts supervision through off-site monitoring, on-site inspections, and periodic meetings with insurance companies This approach aims to assess the financial condition and activities of insurers, ensuring their ability to meet long-term obligations to policyholders
📜 Key Legislation
Banking and Credit System Supervision Act 1968 (Amended 1986)
This Act provides the legal framework for the supervision of insurance companies in Surinam. It includes provisions o:
Licensing Requirements Establishing criteria for obtaining and maintaining an insurance licens.
Capital Adequacy Mandating minimum capital requirements for insurer.
Solvency Margins Ensuring insurers maintain sufficient reserves to meet liabilitie.
Corporate Governance Setting standards for the management and oversight of insurance companie.
Consumer Protection Implementing measures to protect policyholders' interest. While this Act remains in effect, a new Insurance Supervision Act is under development to provide a more specific and comprehensive regulatory framework for the insurance secto. The draft Act has been submitted to the Minister of Finance & Planning and is awaiting approval by Parliamen
🏢 Insurance Companies in Surinam
As of the latest available information, the following insurance companies operate in Surinae:
These companies offer a range of insurance products, including life, health, property, and motor insurane
🌐 Foreign Investmet
Suriname permits 100% foreign direct investment (FDI) in its insurance industry, encouraging international participation and collaborato.This openness aims to enhance the competitiveness and development of the sector.
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