Unofficial translation of the State Ordinance Supervision Insurance Business (State Decree Captive Insurance Companies) IN THE NAME OF THE QUEEN!
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1 Unofficial translation of the State Ordinance Supervision Insurance Business (State Decree Captive Insurance Companies) IN THE NAME OF THE QUEEN! THE GOVERNOR of Aruba, Having considered: that with a view to supervision as effective as possible of the insurance business, it is desirable to lay down special rules concerning the supervision of captive insurance companies; Having regard to: the Sections 2, fourth paragraph, 14, fourth paragraph, and 31 of the State Ordinance Supervision Insurance Business (AB 2000, no. 82); having heard the Advisory Council, has decided: 1. Prefatory provisions Section 1 For the purposes of this State Decree the following shall be understood by:
2 Captive insurance : an insurance company that insures or reinsures risks company that exclusively or predominantly arise from the conduct of business or practice of a profession of shareholders or members of enterprises associated in a group, or of participants in a joint venture; license : a license as meant in Section 5, first paragraph, of the State Ordinance Supervision Insurance Business (AB 2000, no. 82); State Ordinance : the State Ordinance Supervision Insurance Business. Section 2 1. Captive insurance companies are distinguished into: a. pure captive insurance companies; b. association captive insurance companies; c. rent-a-captive insurance companies; d. other captive insurance companies. 2. Captive insurance companies as meant in the first paragraph, subs a and b, do not insure or reinsure any risks other than those of their shareholders or members, respectively. 3. A captive insurance company as meant in the first paragraph, sub c does not insure or reinsure any risks other than those of the participating institutions. Section 3 A captive insurance company shall not effect agreements for the cover of the legal liability as meant in the State Ordinance Liability Motor Vehicles (AB 1999, No. GT 12). 2
3 2. Application for a license Section 4 1. The program of activities to be submitted by the captive insurance company pursuant to Section 6, first paragraph, sub d, of the State Ordinance, shall contain at least: a. a statement of the nature of the risks the captive insurance company intends to cover, b. the actuarial assumptions the captive insurance company intends to apply, notably the standards for the calculation of the rates and the technical provisions, c. an explanation concerning the leading principles in the field of reinsurance, d. insight in the presence of the solvency margin required pursuant to Section 8, first paragraph, and an estimation of the financial assets to cover the solvency margin, and e. a five-year financial projection, including an estimate of the solvency margin and liquidity position. 2. An applicant incorporated outside Aruba, shall be authorized to conduct the insurance business in the country it is incorporated. 3. The Bank shall decide on the model of the application form. Section 5 1. Without prejudice to Section 7 of the State Ordinance, the Bank shall grant a captive insurance company a license, provided it is evident to it that the following conditions are met: a. the day-to-day management of the captive insurance company is determined by at least one natural person who resides in Aruba; b. the captive insurance company disposes of a solvency margin as meant in Section 8; 3
4 2. A license shall only be granted for the conduct of the business of a captive insurance company in one of the groups mentioned in Section 2, first paragraph. 3. In the event that the day-to-day management of the captive insurance company is determined by a representative, the Sections 7, first paragraph, subs c and d, and 17 of the State Ordinance shall apply mutates mutandis to the representative. 4. A captive insurance company shall keep the financial administration of the insurance business conducted by it at its office in Aruba, and shall preserve there any and all business documents concerning this insurance business during a period of at least ten years. 3. Special supervision regulations Section 6 1. Each year, a captive insurance company shall submit its financial statements to the Bank within six months after the end of the financial year. 2. The financial statements of a captive insurance company domiciled outside Aruba concern the entire enterprise, wherever it is conducted. 3. The financial statements of a captive insurance company shall be provided with a declaration stating that the information therein presents a true and fair view, signed by an auditor. 4. Each year, a captive insurance company shall submit an actuarial report to the Bank, provided with an actuary s certificate within six months after the end of the financial year. 5. The Bank may decide on the model, the contents and the bases of the financial statements and the actuarial report. 4
5 Section 7 Pursuant to Section 13 of the State Ordinance, a captive insurance company shall maintain adequate technical provisions, fully covered by assets. Section 8 1. A captive insurance company shall dispose of a solvency margin of: - in case of a pure captive insurance company, at least Afls. 300,000.=; - in case of an association captive insurance company, at least Afls. 500,000.=; - in case of a rent-a-captive insurance company, at least Afls. 1,000,000.=; - in the case of other captive insurance companies, a minimum solvency margin to be fixed by the Bank, which will vary between Afls. 300,000.= and Afls. 1,000,000.=. 2. The Bank may prescribe an additional solvency margin based on the type, the magnitude and the nature of the risks a captive insurance company insures or reinsures. 3. The solvency margin may be maintained in the form of cash or an irrevocable guarantee issued by a bank established in Aruba, which is in the possession of a license as meant in Section 4 or 24 of the State Ordinance Supervision Credit System (AB 1998, No. 16). Section 9 1. In the event that a captive insurance company no longer disposes of the minimum solvency margin required pursuant to Section 8, or in the event the Bank perceives other signs that endanger or might endanger the solvency of a captive insurance company in its judgment, it shall submit a financing plan to the Bank for approval within a term to 5
6 be fixed by the Bank, which plan shall indicate in what way and within what term the solvency margin will be brought back to the level required. 2. Section 15 of the State Ordinance shall not apply to captive insurance companies. Section 10 Without prejudice to Section 8 of the State Ordinance, the Bank may withdraw the license of a captive insurance company, if the solvency margin has not been brought back to the level required within the term approved by the Bank pursuant to Section Compensation of expenses Section 11 An entity applying for a license as a captive insurance company, shall pay the Bank a compensation in the amount of Afls. 1,000.= for processing its application. Section The charges meant in Section 30 of the State Ordinance which have to be paid by a captive insurance company, relate to the various activities carried out by the Bank in pursuance of this State Decree, and shall be charged by the Bank to the captive insurance company in question each year. The charges shall not exceed Afls. 3,000.= and shall be paid within a term to be fixed by the Bank. 2. Payment of the charges meant in the first paragraph shall be due for the first time after the end of the first full financial year following the issue of the license. 6
7 5. Final provision Section The State Decree shall become effective as of the day after placement in the Statute Publication Gazette of Aruba. 2. It may be cited as State Decree Captive insurance companies. Given in Oranjestad, May 7, 2002 O. Koolman The Minister of Finance and Economic Affairs, N.J.J. Swaen The Minister of Justice, H.R. Croes 7
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