St. Maarten Insurance Brokers Association meets Central Bank on Monday

POSTED: 06/26/11 9:20 PM

St. Maarten – A delegation from the St. Maarten Insurance Brokers Association (SIBA) will meet a delegation from the Central Bank of Curacao and St Maarten on Monday at 2:00 p.m. at the Central Banks’ building in Philipsburg. The meeting is at the association’s request.

Officials of the Central Bank had proposed the meeting take place on Curacao on June 22. The Association asked for it to take place here because the costs of airfare, accommodation and transportation were too high for just the one meeting. The Central Bank then proposed to have the meeting here and the association accepted.

“We are pleased that the meeting will be held in St. Maarten and look forward to having fruitful discussions with the bank,” SIBA President Neil Henderson said.

Monday’s agenda includes possible simplification of the supervisory method(s), the disadvantage of “stand- alone” brokers versus commercial banks with a captured market and a proper definition of large, medium and small agent/broker. The agenda also includes discussions on the spirit versus the wording of the National Ordinance on Insurance Brokers (LABB) and discussions on potential amendments to the law.

 

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