Regulatory Alerts2015-02-05 | cba-blob-10383State Ordinance on the Supervision of the Insurance Business
The Central Bank of Aruba promulgates this State Ordinance to establish comprehensive licensing, structural supervision, and solvency standards for insurers operating within Aruba. The legislation requires applicants to demonstrate managerial integrity, maintain minimum solvency margins (eight percent for life insurers and calculation-based for general insurers), and secure prior regulatory approval for qualifying holdings exceeding ten percent. Additionally, the Bank retains authority to issue binding directives, revoke licenses upon non-compliance, and impose administrative fines or penalty charge orders to enforce ongoing regulatory adherence.
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