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Aruba Insurance Industry - Governance, Risk and Compliance

November 2020 | 35 pages | ID: A27406FEA70AEN

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Aruba Insurance Industry - Governance, Risk and Compliance


GlobalData’s ‘Aruba Insurance Industry - Governance, Risk and Compliance’ report is the result of extensive research into the insurance regulatory framework in Aruba. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
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.
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
  • 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.
  • Gain insights into the insurance regulatory framework in Aruba.
  • Track the latest regulatory changes, and expected changes impacting 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

1.1 What is this Report About?
1.2 Definitions


2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
  2.3.1 Life insurance
  2.3.2 Property insurance
  2.3.3 Motor insurance
  2.3.4 Liability insurance
  2.3.5 Marine, aviation and transit insurance
  2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
  2.4.1 Motor liability insurance
2.5 Supervision and Control
  2.5.1 International Association of Insurance Supervisors
  2.5.2 Central Bank of Aruba
2.6 Non-Admitted Insurance Regulations
  2.6.1 Overview
  2.6.2 Intermediaries
  2.6.3 Market practices
  2.6.4 Fines and Penalties
2.7 Company Registration and Operations
  2.7.1 Type of insurance organization
  2.7.2 Establishing a local company
  2.7.3 Foreign ownership
  2.7.4 Types of license
  2.7.5 Capital requirements
  2.7.6 Solvency margin
  2.7.7 Reserve requirements
  2.7.8 Investment regulations
  2.7.9 Statutory return requirements
  2.7.10 Fee structure
2.8 Taxation
  2.8.1 Insurance premium or policy taxation
  2.8.2 Withholding taxes on premium paid overseas
  2.8.3 Corporate tax
  2.8.4 VAT
  2.8.5 Captives
2.9 Legal System
  2.9.1 Introduction
  2.9.2 Access to court
  2.9.3 Alternative dispute resolution (ADR)


3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData’s Services
3.5 Disclaimer


Table 1: Insurance Industry Definitions
Table 2: Aruba - Insurance Regulatory Framework Key Features
Table 3: Aruba- Life Insurance Regulatory Framework
Table 4: Aruba- Property Insurance Regulatory Framework
Table 5: Aruba - Motor Insurance Regulatory Framework
Table 6: Aruba - Liability Insurance Regulatory Framework
Table 7: Aruba - Corporate Tax Rates for the Financial Year 2020


Figure 1: Aruba - Insurance Supervision and Control at Various Levels
Figure 2: Aruba - Insurance Regulatory Frameworks for Company Registration and Operation

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