The National Ordinance on Insurance Brokers provides the Central Bank with the legal basis for the supervision of insurance brokers in the life and non-life insurance business both onshore and offshore. Insurance brokers operating in or from St. Maarten need a license from the Central Bank to conduct their activities. According to said National Ordinance on Insurance Brokers e a license is granted either to engage as broker 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 the aforementioned National Ordinance as well as in policies of the Central Bank. Furthermore, once the license has been granted, the insurance brokers need to continuously comply with the directives and guidelines for insurance brokers issued by the Central Bank.