Governance, Risk and Compliance - The Curacao and St Maarten Insurance Industry

Governance, Risk and Compliance - The Curacao and St Maarten Insurance Industry

Regular price $950.00 Sale

Published on Oct 25, 2015 - 29 pages

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Curacao and St Maarten, including:
  • An overview of the insurance regulatory framework in Curacao and St Maarten
  • The latest key changes, and changes expected in the country's insurance regulatory framework
  • Key regulations and market practices related to different types of insurance product in the country
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Curacao and St Maarten
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations
  • Details of the tax and legal systems in the country
Report Highlights
  • The Curacao and St Maarten insurance industry is supervised and regulated by the Central Bank of Curacao and St Maarten.
  • 100% FDI is permitted in the Curacao and St Maarten insurance industry.
  • Motor third-party liability insurance and professional liability insurance for insurance broker are the classes of compulsory insurance in Curacao and St Maarten.
  • Composite insurance is not permitted in Curacao and St Maarten insurance industry.
  • Non-admitted insurance is not permitted in Curacao and St Maarten. However, non-admitted reinsurers are permitted on a cross-border basis only.
Report Scope
  • The report covers details of the insurance regulatory framework in Curacao and St Maarten.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to Get this Report
  • Gain insights into the insurance regulatory framework in Curacao and St Maarten.
  • Track the latest regulatory changes, and expected changes impacting the The Curacao and St Maarten Insurance Industry insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance product.


Table of Contents

1 Introduction
1.1 What is this Report About?
1.2 Definitions
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability (MTPL) insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Central Bank of Curacao and St Maarten
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric's Services
3.5 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions
Table 2: Curacao and St Maarten - Insurance Regulatory Framework Key Features
Table 3: Curacao and St Maarten - Life Insurance Regulatory Framework
Table 4: Curacao and St Maarten - Property Insurance Regulatory Framework
Table 5: Curacao and St Maarten - Motor Insurance Regulatory Framework
Table 6: Curacao and St Maarten - Liability Insurance Regulatory Framework
Table 7: Curacao - Corporate Tax Rates for the Financial Year 2015
Table 8: St Maarten - Corporate Tax Rates for the Financial Year 2015

List of Figures

Figure 1: Curacao and St Maarten - Insurance Supervision and Control at Various Levels
Figure 2: Curacao and St Maarten - Insurance Regulatory Frameworks for Company Registration and Operation