The Insurance Division is responsible for the prudential regulation of insurance business conducted in and from within the Aruba. This includes, but is not limited to ensuring that any prospective Licensees, which would include Insurers – Domestic or Captive, Insurance Managers, Insurance Intermediaries - Insurance Agents or Insurance Brokers and Loss Adjusters meet the required standards to be licensed in accordance with the Insurance Act, 2008, the Insurance Regulations, 2009, the Regulatory Code, 2009, the Financial Services Commission Act, 2001 and subsequent amendments.
The Division monitors Licensees against relevant legislation, which was written with consideration of the Insurance Core Principles of the International Association of Insurance Supervisors, the international standard setting body for insurance. Monitoring includes review of financial status, compliance with regulatory standards, compliance with AML/CFT legislation and Corporate Governance.
Deputy Director of Insurance