Siba sounds the alarm: Insurance companies drop coverage for scooters

POSTED: 07/29/13 6:11 PM

GREAT BAY – The Sint Maarten Insurance Brokers Association Siba has urged the parliament to address several insurance matters. Siba-President Neil Henderson notes in a press statement: “Some insurance companies no longer grant any form of coverage for the many scooters on our public roads.” This has negative consequences for potential victims, Henderson points out, adding that “the decision of the insurance companies to discontinue providing third party liability for these scooters is in conflict with article 2, sub 3 of the National Ordinance Liability motor vehicles.”

Henderson also wants to discuss the implementation and activation of a guarantee fund for victims of traffic accidents, draft ordinances regarding market conduct for the financial sector and insurances and annuities, and the National Health Insurance plan and its implications for the insurance sector.

Henderson stated that the Siba met with the Central Bank on Friday where the association suggested the establishment of a regulatory board, known in some countries as the Insurance commission. This board should deal with conflicts of interest in the financial sector, the Siba-President stated.

“Over the past fifteen years Siba received a lot of cooperation and achieved results while addressing issues with the parliament of the former Netherlands Antilles,” the press release states. “We became very happy to have our own parliament right here in Sint Maarten but we quickly accepted that growing pains may have led to two new coalitions since the last elections. We hope we can get the much needed attention from here on forward and will continue to do whatever we can to improve the workings of the sector,” the statement reads.

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