The Financial Markets (BES islands) Act provides De Nederlandsche Bank with the legal basis for supervising life, non-life and funeral insurance companies, both onshore and offshore. Insurance companies operating in or from the BES islands need a license from De Nederlandsche Bank to conduct their activities. According to the said BES islands Act a license is granted either to engage in the life insurance or the general insurance business.
In order to be considered for a license to operate as an insurance company in the BES islands, the applicant must comply with certain requirements set by De Nederlandsche Bank, which are laid down in aforementioned BES islands Act as well as in policies of De Nederlandsche Bank. Furthermore, once the license has been granted, the insurance companies need to comply continuously with De Nederlandsche Bank directives and guidelines for insurance companies.