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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