The Bank is entrusted with the supervision of institutional investors & insurance brokers. The main objectives of the supervision are to safeguard the financial and contractual interest of policyholders, beneficiaries, participants of pension funds, and other stakeholders of the insurance, pension, and insurance brokerage sector and to safeguard a sound financial system mainly through the analysis of the solvency and liquidity of the institutional investors & insurance brokers.
Definitions of local insurance companies and pension funds
Life insurance company
A life insurance company is an insurance company which enters into life insurance contracts as a business for the insurer’s own account, including the completion of the life-insurance contracts entered upon in that business, even though the making of profit might not be the objective.
Non-life insurance company
A non-life insurance company is an insurance company which enters into non-life insurance contracts for the insurer’s own account, including the completion of non-life insurance contracts entered upon in that business, even though the making of profit might not be the objective.
Funeral Services Insurance Companies
As a funeral insurer is considered everyone who makes a business of, for her own account entering upon insurance contracts to provide benefits in kind in connection with the death of the man. This includes completion of the contract involved, even if the making of profit is not the objective.
Corporate pension fund
A corporate pension fund is a pension fund linked to a corporation, whereby to the benefits of the participants who are employed at the corporation, resources are brought together aimed at providing coverage for the old age.
Definitions of international insurance companies
Captive insurance company
A captive insurance company insures risks which exclusively or predominantly results from the execution of business or profession outside Curacao and Sint Maarten by their shareholders or members, of enterprises combined in a group or of participants in a co-operative relationship.
Professional reinsurance company
A professional reinsurance company is an insurance company which from its establishment in Curacao and Sint Maarten conducts the insurance business exclusively as a reinsurer.