WILLEMSTAD–The Central Bank of Curacao and St. Maarten (CBCS), following this week’s announcement of high-level management changes at the insurer ENNIA, has issued a statement saying, “persons who (co-)determine the day-to-day policy of an insurer cannot be appointed without prior permission from the Bank.”
Former Finance Minister Richard Gibson Sr. was recently appointed head of the major insurer. His appointment was one of a package of several high-level management changes at the company.
CBCS said in a press statement that it “has taken note of reports in the media about management changes at an insurer under its supervision.”
CBCS has supervisory authority on insurers under the State Ordinance Supervision Insurance Industry (P.B. 1990, No. 77) as amended by the National Ordinance harmonization and updating of supervisory regulations Central Bank of Curaçao and Sint Maarten (P.B. 2015, no. 67).
In the case of management changes at supervised institutions, in accordance with Article 32 of the regulation persons who (co-)determine the day-to-day policy of an insurer cannot be appointed without prior permission from CBCS. Its approval depends, among other things, on the results of the expertise and reliability testing carried out by CBCS by (co-)policymakers from supervised institutions.
The final decision-making about this process lies with the Council of the Board of CBCS.
CBCS said it does not exercise any substantive content in view of its duty of confidentiality of communications about such reviews.