International Law

INSURANCE BUSINESS IN THE DUTCH CARIBBEAN (III)

By Karel.Frielink

A broker must be registered

Under the National Ordinance on the supervision of the insurance brokerage business 2003 (Landsverordening toezicht assurantiebemiddelingsbedrijf 2003, ?NOSA?), insurance brokers (assurantiebemiddelaars) are prohibited from providing services as an insurance broker unless they are registered in the relevant register administered by the Central Bank. ?Insurance Broker? means anyone who, other than pursuant to an employment contract, acts as an intermediary in the conclusion of insurance policies.

There is no statutory definition of ?to act as an intermediary?. However, this phrase aims to cover all acts that are intended to conclude an agreement between a potential insurant and an underwriter. Accordingly, even where no agreement has been concluded, the act of making a contact is considered as acting as an intermediary, though merely giving advice, however, is not considered as such.

Persons applying for registration must be able to demonstrate certain professional skills before being allowed to operate as an insurance broker.

Karel Frielink
Attorney (Lawyer) / Partner

Full post as published by Karel's Legal Blog on November 21, 2008 (boomark / email).