|Report Name:||Governance, Risk and Compliance - The Aruban Insurance Industry|
|Issue Date:||November 2015|
|Brief:||The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Aruba, including:|
• An overview of the insurance regulatory framework in Aruba.
• The latest key changes, and changes expected in the country’s insurance regulatory framework.
• Key regulations and market practices related to different types of insurance product in the country.
• Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Aruba.
• Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
• Details of the tax and legal systems in the country.
|Scope:||• The report covers details of the insurance regulatory framework in Aruba.
• The report contains details of the rules and regulations governing insurance products and insurance entities.
• The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
• The report provides details of taxation imposed on insurance products and insurance companies.|
|Key Highlights:||• The Aruban insurance industry is regulated by the Central Bank of Aruba.
• Composite insurance is not permitted in the Aruban insurance industry.
• The government permits 100% FDI in the insurance industry.
• Motor liability insurance and professional indemnity insurance for insurance intermediaries are the key compulsory classes of insurance in Aruba.
• Non-admitted insurance is prohibited in Aruba. However, reinsurance companies are permitted to operate in the country without obtaining license.|
|Reasons To Buy:||• Gain insights into the insurance regulatory framework in Aruba.
• Track the latest regulatory changes, and expected changes impacting the Aruban insurance industry.
• Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
• Understand key regulations and market practices pertaining to various types of insurance product.|