Willemstad – The Bank has taken note of reports in the media about management changes at an insurer under its supervision.
On the basis of the National Ordinance on the Supervision of Insurance Industry (PB 1990, no. 77) as amended by the National Ordinance on the harmonization and updating of the supervisory regulations of the Central Bank of Curaçao and Sint Maarten (PB 2015, no. 67) (Ltv), the Bank has supervisory authority over insurers. .
In the event of management changes at supervised institutions, in accordance with Article 32 of the Ltv, persons who (also) determine the day-to-day policy of an insurer can not be appointed without prior permission from the Bank.
The Bank’s approval depends, among other things, on the results of the expertise and reliability review carried out by the Bank by appointing (co-) policymakers from supervised institutions. The final decision-making about this process lies with the Board of Directors of the Bank. In view of its duty of confidentiality, the Bank does not make any substantive statements about such reviews.
CENTRAL BANK OF CURACAO AND SAINT MAARTEN Willemstad, 24 May 2018