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Published: Jan, 2017 | Pages:
30 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Summary 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. Synopsis Timetric’s 'Governance, Risk and Compliance – The Curacao and St Maarten Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Curacao and St Maarten. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country. 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 Buy • 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 product. Key Highlights • The Curacao and St Maarten insurance industry is supervised and regulated by the Central Bank of Curacao and St Maarten. • 100% foreign direct investment 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 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."
Table of Content 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 Regulation 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 (bodily injury) insurance 2.5 Supervision and Control 2.5.1 International Association of Insurance Supervisors 2.5.2 Central Bank of Curaçao 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 Type 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 margin 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 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: Curaçao and St Maarten – Insurance Regulatory Framework Key Features Table 3: Curaçao and St Maarten – Life Insurance Regulatory Framework Table 4: Curaçao and St Maarten – Property Insurance Regulatory Framework Table 5: Curaçao and St Maarten – Motor Insurance Regulatory Framework Table 6: Curaçao and St Maarten – Liability Insurance Regulatory Framework Table 7: Curaçao – Corporate Tax Rates for the Financial Year 2017 Table 8: St Maarten – Corporate Tax Rates for the Financial Year 2017 List of Figures Figure 1: Curaçao and St Maarten – Insurance Supervision and Control at Various Levels Figure 2: Curaçao and St Maarten – Insurance Regulatory Frameworks for Company Registration and Operation
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