Regulatory Alerts2015-09-30 | cba-blob-8550State Decree on Captive Insurance Companies (SDCIC)
The Aruba Central Bank issued this State Decree to regulate special enterprise risk insurers (captive insurance companies) by establishing licensing requirements, solvency margins ranging from Afl. 300,000 to Afl. 1,000,000 depending on the insurer type, and strict supervisory reporting obligations. The decree mandates that applicants maintain adequate technical provisions, submit annual financial and actuarial reports within six months of year-end, and keep financial records in Aruba for at least ten years. It further outlines fee structures, financing plan submissions when solvency thresholds are breached, and the Bank's authority to revoke licenses if compliance is not maintained.
Share