NEW DISCLOSING OBLIGATIONS FOR INSURANCE COMPANIES TRANSACTING BUSINESS IN THE NETHERLANDS ANTILLES
Consolidated financial information must be made public
The Netherlands Antilles Central Bank (‘Bank van de Nederlandse Antillen’) decided in March 2006, that each insurance company should disclose its 2005 Consolidated Financial Highlights (“CFH”) within 2 months after June 30, 2006, and starting as of year-end 2005, disclose its CFHs within 6 months after each calendar year-end. Disclosing means to publish the CFHs in one or more newspapers, and/or on the company’s website and/or make available by means of providing copies at its offices in the Netherlands Antilles on each island of the Netherlands Antilles.
According to the Bank, these provisions are aimed at disclosing adequate and uniform information for the general public to facilitate an assessment of the financial soundness of the insurance companies licensed by the Bank to transact the business of insurance in the Netherlands Antilles. These provisions are issued in anticipation of the issuance of the executive decree of article 26, paragraph 6 of the Insurance Supervision Ordinance (National Gazette, 1990, no. 77) which will contain disclosure requirements for licensed insurance companies.
Karel Frielink
Attorney (lawyer) / Partner
