Willemstad, November 2024

In a major step toward strengthening financial sector oversight, the Central Bank of Curaçao and Sint Maarten (CBCS) formally introduced a Risk-Based Supervision (RBS) framework in November 2024. This approach allows the regulator to focus more intensively on institutions that present higher risks to the financial system, including major insurance providers.

During the week of November 4–8, 2024, CBCS professionals participated in a dedicated training course led by Judith Roberge from CARTAC (Caribbean Regional Technical Assistance Centre). The program combined theoretical insight with practical exercises to build internal capacity for implementing RBS principles effectively in daily supervision.

The CBIA and its members fully support this development and recognize the importance of a risk-based approach to supervision. As a sector, we are actively aligning our internal processes, risk assessments, and compliance structures with the expectations set forth by the CBCS. This includes reviewing internal risk governance and ensuring that insurers are well-prepared to meet the standards of proactive and proportionate supervision.

By adopting this modernized supervisory model, the CBCS aims to improve early risk detection and promote a more resilient insurance industry. CBIA considers this a positive and necessary step, and we remain committed to constructive dialogue and collaboration with the supervisory authority to further strengthen the sector.

Read more at: https://www.centralbank.cw