The Centrale Bank van Curaçao en Sint Maarten (CBCS) took notice of publications by the St. Maarten Employers Unions (SEU) in Sint Maarten newspapers, in which concerns are being expressed in respect to several insurance companies that have not yet settled all their outstanding claims from Hurricanes Irma and Maria. Mentioned publications also contain questions about the role of the CBCS in this claims handling process.
The CBCS has in the last couple of months been in frequent contact with all insurance companies concerned to assess and address the claims settlement process. Insurance companies were put on a monthly reporting basis, complemented with on-site visitations and meetings with representative organizations to address the issues at hand. Where deemed necessary, supervisory actions and measures were taken.
The CBCS has full understanding for the concerns expressed by the SEU and has in that matter invited the SEU for a meeting at the premises of the CBCS in Sint Maarten. An invite for this meeting was also extended to the Sint Maarten Insurance Association (SMIA) and the Sint Maarten Brokers Association (SIBA). SMIA has in the meantime confirmed her participation to the meeting.
The CBCS considers this meeting as a means to not only explain its supervisory role and task to the SEU but also as a means for learning firsthand the concerns of this part of the population of Sint Maarten. The CBCS expects to obtain valuable information during this meeting to further enhance its market conduct supervisory framework, which was recently given a stronger legal basis with the passing of the harmonization ordinance in March last.
Consumers are reminded to regularly visit the CBCS’ website (http://centralbank.sx/conduct-supervision to consult current and new regulations and to address any questions regarding these to d.*********@ce*********.sx or in**@ce*********.cw. Complaints can be filed with the CBCS by accessing the complaint Q&A section on the CBCS’ website regarding the necessary steps, which can be downloaded from our website via the link http://www.centralbank.sx/complaint-faq.
If preferred, consumers are free to visit the CBCS’ office located at Walter Nisbeth Road 25, Pondfil, and address any concern they have personally with Mr. D. President.