Regulatory Alerts2022-09-29 | cba-blob-13699Policy Rule: Insurance Licence and Admission Requirements for Companies Operating in Aruba
The Centrale Bank van Aruba (CBA) issues this policy rule to establish strict admission and licensing requirements for insurance companies operating in or from Aruba under the State Ordinance Supervision Insurance Business. The document mandates that applicants demonstrate adequate financial strength, sound management, and comprehensive consolidated supervision by their home country authorities, while explicitly prohibiting shell companies and requiring major shareholders to be subject to effective oversight. It further details specific documentation procedures, solvency standards, and a transition period for existing entities to comply with new shareholding and operational conditions.
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