THE GENERAL PENSION FUND OF THE NETHERLANDS ANTILLES
The APNA is subject to supervision
The General Pension Fund of the Netherlands Antilles (‘Algemeen Pensioenfonds van de Nederlandse Antillen’; the “APNA”) is governed by its own State Ordinance (‘Landsverordening Algemeen Pensioenfonds van de Nederlandse Antillen’; “SOAPNA”).
The APNA is subject to supervision by the Netherlands Antilles Central Bank and, as far as the annual financial statements, amongst other things, are concerned it is subject to supervision by the General Auditor’s Office a.k.a. General Chamber of Audit (‘Algemene Rekenkamer’). The General Auditor’s Office audits government and government related activities, including government owned companies.
Netherlands Antilles pension funds are obliged to …
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INSURANCE BUSINESS IN THE DUTCH CARIBBEAN (III)
A broker must be registered
Under the National Ordinance on the supervision of the insurance brokerage business 2003 (Landsverordening toezicht assurantiebemiddelingsbedrijf 2003, “NOSA”), insurance brokers (assurantiebemiddelaars) are prohibited from providing services as an insurance broker unless they are registered in the relevant register administered by the Central Bank. “Insurance Broker” means anyone who, other than pursuant to an employment contract, acts as an intermediary in the conclusion of insurance policies.
There is no statutory definition of “to act as an intermediary”. However, this phrase aims to cover all acts that are intended to conclude an agreement between a potential insurant …
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INSURANCE BUSINESS IN THE DUTCH CARIBBEAN (II)
Limitations apply to a foreign insurance company
A foreign insurance company, i.e. a company not having its seat in the Netherlands Antilles and not operating through any kind of branch office (including a local representative), is allowed to insure a risk located in the Netherlands Antilles (for instance Curaçao), provided this occurs on an incidental basis (Explanatory Memorandum NOSI, Parliament of the Netherlands Antilles, Session 1987-1988, No. 3, p. 7).
In such cases, no license or registration requirements apply. The point is, however, that it is up to the Central Bank to decide whether this criterion has been met. Unfortunately …
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INSURANCE BUSINESS IN THE DUTCH CARIBBEAN (I)
A license is required
The insurance business in the Netherlands Antilles is regulated by the National Ordinance on the Supervision of the Insurance Business 1990 (Landsverordening toezicht verzekeringswezen, the “NOSI”).
The NOSI divides the insurance business into life insurance and indemnity insurance products. Indemnity insurance products are in turn divided into a number of categories: (i) accident and health insurance; (ii) motor vehicle insurance; (iii) maritime, transport and aviation insurance; (iv) fire insurance and other property insurance; and (v) other indemnity insurance.
Any person or entity wishing to conduct either life insurance or indemnity insurance business in or from the …
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DUTCH CARIBBEAN REGULATORY FRAMEWORK
Central Bank monitors compliance
The regulatory rules and regulations in the Netherlands Antilles deal with credit institutions, investment institutions and administrators, insurers and insurance brokers, company pension funds, trust service providers, capital markets, anti-money laundering and identification, and foreign exchange control and license fees.
The Netherlands Antilles have one regulator: the Central Bank of the Netherlands Antilles (Bank van de Nederlandse Antillen). The Central Bank is a separate legal entity (rechtspersoon) having its seat in Curacao. The Central Bank is also an independent administrative body (zelfstandig bestuursorgaan) and does therefore not fall under the political responsibility of the Minister of …
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