SIBA to discuss several issues with CBCS today

PHILIPSBURG–St. Maarten Insurance Brokers Association (SIBA) will be discussing several issues when it meets with representatives of Central Bank for Curaçao and St. Maarten (CBCS) today, Wednesday, August 30.

In a press release on Tuesday, SIBA President Neil Henderson alluded to the introduction of the National Ordinance regulating insurance mediators LABB 13 years ago. He said in its meeting with CBCS today, SIBA will, amongst other items, discuss supervision methods thus far, and how parties can work together on balancing supervision versus compliance requirements to effectively achieve the results intended by lawmakers in the legislation.
He said it has been 7 years since St. Maarten obtained its new status as Country within the Dutch Kingdom on October 10, 2010, and SIBA is of the belief that there might be matters of general concern that may require law amendment(s) or introduction of new legislation. He did not specify what those issues were.
“Such necessities will be established with a good inventory of existing laws, regulations and the practical workings of the sector,” Henderson said in the release.
“Important for the SIBA is that stakeholder nor clients (should not be – Ed.)
Overregulated, thereby resulting in a slowing of our economy, and by extension having an adverse effect on our social fabric. SIBA, for practical reasons also wishes to have more regular meetings with CBCS,” he noted.

Source: The Daily Herald