SIBA requests meeting with Central Bank on St. Maarten

POSTED: 06/17/11 2:18 PM

GREAT BAY – The St. Maarten Insurance Brokers Association (SIBA) has requested a meeting with St. Maarten based officials of the Central Bank of Curacao and St. Maarten (CBCS) or for a delegation to give them a hearing on their next visit to Philipsburg.

The Association has been lobbying for an extended period to meet with the bank’s leadership to discuss issues affecting their business. The six concerns they want discussed as soon as possible are the disadvantage of “stand- alone” brokers versus commercial banks with a captured market, the lack of practical and historical consideration(s) for our industry, which has a strain on our ability to have a fair chance of survival, possible simplification of the supervisory method(s), proper definition of Large, Medium and Small agent/brokers, discussions regarding the spirit versus the wording of the National Ordinance on Insurance Brokers (Landsverordening Assurantie Bemiddelings Bedrijf (LABB) and discussions regarding possible amendment(s) to the law.

The association most recently put their concerns into a letter to President of the Central Bank Emsley Tromp on May 26. On June 6 they were invited to a meeting in Curacao on June 22 at 10:00 a.m. An invitation the association’s members unanimously rejected in a meeting on June 9.

In their reply to the Central Bank dated June 15 they state, “We discussed the expenses involved with airfare, accommodation and transportation for such a meeting. The general consensus, based on a unanimous vote, was that SIBA requests the CBCS to schedule a meeting with a representative in St. Maarten. If there is no one (as yet) in St. Maarten to handle such a discussion, we should request the CBCS to meet with us when a member or a delegation is in St. Maarten.”


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