Sint Maarten Insurance Brokers Association (SIBA)

SIBA welcomes the initiative of the Central bank to have periodic meetings to achieve its strategic goals.

In the scheduled meeting of Thursday, September 2023 SIBA intends to address some agenda points of its own as there is a clear need to ensure that the financial sector functions in a manner that will ALSO benefit clients who are considered by all definitions, the weaker party in any contractual arrangement between commercial banks and insurance companies.

While the laws apply equally to Curacao and Sint Maarten, SIBA would like to see more flexibility in addressing key differences in the two markets on a regulatory level.

SIBA does not rule out approaching parliament soon for possible law amendments that would safeguard the interest of customers and ensure market stability in the widest sense of the word.