Curacao and St Maarten Insurance Industry – Governance, Risk and Compliance

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Published: September 14, 2023 Report Code: GDIS0172RR-ST

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Curacao and St Maarten Insurance Industry Regulation Overview

The Central Bank of Curacao and St Maarten (CBCS) regulates the Curacao and St Maarten insurance industry along with another regulator and supervisor, namely the International Association of Insurance Supervisors (IAIS).

The Curacao and St Maarten insurance industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident & health (PA&H), and marine, aviation & transit (MAT) insurance. The report specifies various requirements for establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.

Key Regulators ·        Central Bank of Curacao and St Maarten (CBCS)

·        International Association of Insurance Supervisors (IAIS)
Compulsory Insurances ·        Motor Third-Party Liability Insurance

·        Marine Liability Insurance

·        Professional Indemnity Insurance

·        Social Security Insurance
Key Taxes ·        Tax on Insurance Premium

·        Corporate Income Tax

·        Corporate Capital Gains Tax

·        Value Added Tax
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Curacao and St Maarten Insurance Industry – Key Regulators and Legislation

Central Bank of Curacao and St Maarten (CBCS): The CBCS is responsible for governing the insurance and reinsurance industry and issues licenses for the insurance business in the country. Its main objective is to strengthen the country’s financial position and provide satisfaction to policyholders, thus maintaining its overall standards and favorable conditions. Some of the key functions of the CBCS include supervision of insurance organizations, branches, and agencies of foreign insurance organizations operating in the country, under the Insurance Supervision National Ordinance (P.B 1990, No. 77), and establishing a rapidly responding and transparent regulatory system.

International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.

The laws regulating the Curacao and St Maarten insurance industry are:

  • Insurance Supervision National Ordinance (P.B 1990, No. 77)
  • National Decree No. 50 on Special Insurance License

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Curacao and St Maarten Insurance Industry - Compulsory Insurance

Some of the compulsory insurances required within the Curacao and St Maarten insurance industry are:

  • Motor Third-Party Liability Insurance
  • Marine Liability Insurance
  • Professional Indemnity Insurance
  • Social Security Insurance

Compulsory Insurances in Curacao and St Maarten

Compulsory Insurances in Curacao and St Maarten

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Curacao and St Maarten Insurance Industry - Company Registration and Operation

Both insurers and insurance brokers intending to conduct business in Curacao and Sint Maarten must obtain a license from the CBCS. Unless intermediaries have a separate license, they won’t be able to mediate insurance products in the country.

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Curacao and St Maarten Insurance Industry – Taxation

Tax is imposed upon insurance premiums within the insurance industry in Curacao and St Maarten. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.

Corporate Income Tax: Corporate income tax is imposed on a company’s accounting profits. Resident companies are taxed on their worldwide income and non-resident companies are taxed only on income sourced from Curacao. No withholding taxes are imposed on interests, dividends, royalties, and technical services fee paid to a non-resident individuals or companies in Curacao.

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Scope

  • The report covers details of the insurance regulatory framework in Curacao and Sint 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 in the country’s insurance regulatory framework.

  • The report analyzes the rules and regulations regarding the establishment and operation of insurance businesses in the country.

  • The report provides details of taxation imposed on insurance products and insurance companies.

Key Highlights

  • The CBCS regulates and supervises the Curacao and St Maarten insurance industry.

  • Motor third-party liability insurance and professional liability insurance for insurance brokers are the classes of compulsory insurance in Curacao and St Maarten.

  • Composite insurance is not permitted in the 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.

Reasons to Buy

  • Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.

  • Gain insights into the insurance regulatory framework in Curacao and St Maarten.

  • Track the latest regulatory changes and expected changes impacting the Curacao and St Maarten 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 products.

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Table of Contents

  • 1. CURACAO

    • 1.1. Legislation Overview

      • 1.1.1. Supervision and Control

      • 1.1.2. Legislation

    • 1.2. Compulsory Insurance

    • 1.3. Non-Admitted Insurance Regulations

    • 1.4. Company Registration and Operation

      • 1.4.1. License

      • 1.4.2. Foreign Direct Investment / Ownership

      • 1.4.3. Minimum Capital Requirements

      • 1.4.4. Solvency Margins

      • 1.4.5. Reserve Requirements

      • 1.4.6. Statutory Return Requirements

      • 1.4.7. Fee Structure

    • 1.5. Taxation

      • 1.5.1. Tax on Insurance Premium

      • 1.5.2. Corporate Income Tax

      • 1.5.3. Corporate Capital Gains Tax

      • 1.5.4. Value Added Tax

    • 1.6. Legal System

    • 1.7. Policy Practice

  • 2. About GlobalData

  • 3. Contact Us

Table

Curacao – Corporate Tax Rates for the Financial Year 2023

St. Maarten – Corporate Tax Rates for the Financial Year 2023

Figures

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

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