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Insurance companies

The National Ordinance containing regulations concerning the supervision of the Insurance industry provides the Central Bank with the legal basis for the supervision of life, non-life and funeral insurance companies, both onshore and offshore. Insurance companies operating in or from St. Maarten need a license from the Central Bank to conduct their activities. According to said National Ordinance a license is granted either to engage in the life insurance business or the general (non-life) insurance business.

In order to be considered for a license to operate as an insurance company in St. Maarten, the applicant must comply with certain requirements set by the Central Bank, which are laid down in aforementioned National Ordinance as well as in policies of the Central Bank. Furthermore, once the license has been granted, the insurance companies need to continuously comply with the directives and guidelines for insurance companies issued by the Central Bank.