Regulatory Alerts2011-05-20 | cba-blob-8574State Decree Representative Insurance Companies
The Aruban government issued this State Decree to implement Article 31 of the Supervision of Insurance Business Ordinance, establishing the regulatory framework for foreign insurance companies operating in Aruba through local representatives. The decree mandates that foreign insurers appoint a resident natural or legal person as a representative, granting them full authority to exercise the insurer's powers and comply with local regulations. It further outlines strict procedural requirements for the appointment, dismissal, and notification of changes regarding these representatives to the Central Bank of Aruba.
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