CREDIT DEFAULT SWAPS AND INSURANCE ISSUES UNDER DUTCH CARIBBEAN LAW
Are credit default swaps insurance products?
The National Ordinance on the supervision of the Insurance Business (“NOSI”) does not contain a definition of ‘insurance agreement’. Under Netherlands Antilles law the definition contained in article 315 of the Netherlands Antilles Commercial Code is usually used, which informally translated reads as follows:
“Insurance is an agreement whereby an insurer commits itself to the insured, against receipt of a premium, to compensate the latter for a loss, damage or loss of expected advantage which the insured could suffer as a result of an uncertain event.“
Will insurance issues under Netherlands Antilles …
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