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The insurance industry in Curaçao is governed by legislation and regulations designed to ensure a stable and transparent market, protect policyholders, and maintain financial solvency among insurers. The key aspects of the legislative framework in Curaçao are:

  1. Central Bank of Curaçao and Sint Maarten (CBCS)

    The Central Bank of Curaçao and Sint Maarten (CBCS) is the primary regulatory authority for the insurance sector. It supervises all insurance companies, intermediaries, and pension funds operating within Curaçao. The CBCS ensures compliance with local laws and regulations while maintaining financial stability.
    CBCS – Centrale Bank van Curaçao en Sint Maarten (regulator)
    🔗 https://www.centralbank.cw
  2. Key Laws and Regulations

    a. National Ordinance on the Supervision of the Insurance Business
    (Landsverordening Toezicht Verzekeringsbedrijf)
    🔗 https://lokaleregelgeving.overheid.nl/CVDR2309
    – Provides the framework for licensing, supervision, and operation of insurance companies.
    – Mandates solvency requirements and reserves to cover liabilities.
    – Governs reporting and auditing to ensure transparency.
    Landsverordening Toezicht Verzekeringsbedrijf (Toezicht op verzekeraars)
    🔗 https://wetten.overheid.nl/BWBR0008814
    b. National Ordinance on Insurance Brokerage
    (Landsverordening Verzekeringsbemiddeling)
    🔗https://lokaleregelgeving.overheid.nl/CVDR142609
    – Regulates licensing and activities of insurance brokers and intermediaries.
    – Sets professional standards on competency, conduct, and financial reliability.
    Landsverordening Verzekeringsbemiddeling (Toezicht op tussenpersonen)
    🔗 https://wetten.overheid.nl/BWBR0008816
    c. CBCS AML/CFT Guidelines (June 2023)
    (Provisions & Guidelines on Combatting Money Laundering and the Financing of Terrorism & Proliferation for Life Insurance Companies and Intermediaries)
    – Requires compliance with AML/CFT laws, including customer due diligence (CDD).
    – CBCS enforces these to prevent misuse of the financial system.
    CBCS AML/CFT Guidelines for Life Insurers and Intermediaries – juni 2023 (PDF)
    🔗 https://www.centralbank.cw/uploads/files/CBCS%20AML-CFT-Guidelines%20for%20Life%20Insurance%20Companies%20and%20Intermediaries%20(June%202023).pdf
    d. Civil Code of Curaçao
    (Burgerlijk Wetboek)
    🔗https://lokaleregelgeving.overheid.nl/CVDR143988
    – Contains provisions on insurance contracts, obligations of parties, claims handling, and premium payments.
    Burgerlijk Wetboek Curaçao – Boek 7 (Verzekeringen)
    🔗 https://wetten.overheid.nl/BWBR0003045/Boek7
    e. Solvency Requirements
    – Insurance companies must meet solvency requirements set by CBCS to ensure they can meet all liabilities.
    Handboek Toezicht Verzekeringsbedrijf CBCS (Solvabiliteit e.a.) – bijgewerkt 2021 (PDF)
    🔗 https://www.centralbank.cw/uploads/files/Handbook%20for%20the%20Supervision%20of%20Insurance%20Business%20(Updated%202021).pdf

The Central bank of Curacao and Sint Maarten is the regulatory authority (www.centralbank.an).
The supervision of investment institutions and administrators resulted from the enactment of the National Ordinance on the Supervision of Investment Institutions and Administrators (N.G. 2002, no. 37) (“NOSIIA”) as of January 2003.
The main objectives of the NOSIIA are to protect the interests of (potential) investors and to preserve and foster the reputation of the Countries of Curacao and Sint Maarten as a sound, transparent, and reputable financial center by exerting effective supervision of the licensed investment institutions and administrators.
Exerting effective supervision comprises among others things, assessing the financial soundness, business integrity, administrative organization, and internal control environment of the licensed institutions, as well as their provision of information to investors. Moreover, exerting effective supervision fosters, promotes, and further develops the proper functioning of financial market of Curacao.

The Dutch Central Bank is the regulatory authority https://www.dnb.nl/
On October 10, 2010, the former Netherlands Antilles were dissolved and Bonaire became a public body belonging to the Netherlands. As of that date, during a transitional phase, the supervisory legislation will consist of Antillean State Ordinances that have been converted into BES Islands Acts. The provisions will be largely unchanged by the conversion of Ordinances into Acts. The changes will relate primarily to the names resulting from the constitutional reforms. More substantive changes are anticipated in relation to anti-money laundering and the combating of terrorism financing. These changes will be broadly similar to the current changes to Antillean legislation.

Two new Acts
The aim is to rapidly replace the legislation in force during the transitional period (if possible, with effect from 2012) with legislation that is more final in nature. In principle, this will consist of two Acts: the Financial Markets (BES Islands) Act (Wet financiële markten BES/Wfm BES) and the Money Laundering and Terrorism Financing (BES Islands) Act (Wet ter voorkoming van witwassen en financieren van terrorisme BES/Wwft BES). The Wfm BES will contain a number of additional and tighter provisions relative to the Acts applicable during the transitional phase, and will also result in further harmonisation of the rules for the different sectors.

Prudential supervision
The additional provisions will relate primarily to a new code of ethics for dealing with consumers, such as rules regarding the disclosure of information, the provision of credit, complaints handling, etc. An example of tighter prudential supervision will be the incorporation of elements of Basel II into the solvency supervision of banks. Many of the proposed amendments are in line with similar proposals by the Antillean Government.

Assurantiebemiddelaars ingeschreven in het register conform artikel 4 van de Landsverordening Assurantiebemiddelingsbedrijf (P.B. 2003, Nr. 113)

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De CBIA statuten van 7 december 2012

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Regels inzake het toezicht verzekeringsbedrijf.

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Vastgestelde regels met betrekking tot de uitoefening van het assurantiebemiddelingsbedrijf.

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